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The Line-by-Line Preparation of Form 1041 (HRMN7AR)

Presented by: Arthur Werner
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Pre Recorded Webinar
150 minutes
  •  Thu, October 5, 2017
Event Description

Understand How to Prepare the Form 1041 for Filing an Estate’s Income Tax Return

When a decedent leaves a fiduciary in charge of his or her estate, the fiduciary must fill out a special form with the Internal Revenue Service (IRS) to report what happens with the estate or trust. Income, deductions, gains and losses, as well as income that is distributed to beneficiaries or accumulated or held for future distribution to them, and any income tax liability of the estate or trust, must all be reported, according to the IRS. And don’t forget any household employees and their wages – the fiduciary must ensure employment taxes are reported to the IRS.

The resulting tax compliance issues can be dizzying, especially to practitioners who have never worked with fiduciary reporting and Form 1041 before. Preparing a U.S. income tax return for an estate or trust involves many issues that are not intuitive and that require some practice to get right. Don’t let your client be a test case! Join this session with tax attorney Arthur Joseph Werner and get a clear idea of how to handle the Form 1041 and all its reporting complexities. Arthur will equip you with a practical understanding of the issues involved in preparing Form 1041, including a line-by-line presentation of the form.

Session Highlights

After attending this session you will:

  • Learn how to prepare a Form 1041
  • Get an understanding of distributable net income (DNI)
  • Get an understanding of income in respect of a decedent (IRD)
  • Get line-by-line instruction for completing Form 1041
  • Understand the “Information” section
  • Know the “Nine Questions” and how to answer them
  • Understand Income lines and deduction lines
  • Know how to fill out Schedule A – Charitable deductions
  • Know how to fill out Schedule B – Income distribution deduction
  • Be adept with other schedules
  • Correctly execute tax computation 
  • Know how to fill out Schedule K and Schedule K-1

NASBA: 3(Taxes)

Level: Basic

Who Should Attend

  • Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Attorneys
About Our Speaker(s)

Arthur Werner | Financial & Estate Planning SpeakerArthur Werner
Arthur Joseph Werner, JD, MS (Taxation), is the president and is a shareholder in the lecture firm of Werner-Rocca Seminars, Ltd. Mr. Werner’s lecture topic specialties include business, tax, financial and estate planning for high net worth individuals. Mr. Werner received his B.S. in Accounting and his M.S. in Taxat... More info

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    Event Title: The Line-by-Line Preparation of Form 1041
    Presenter(s): Arthur Werner

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