Vermont Society of Certified Public Accountants
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Fiduciary Income Tax Returns -- Form 1041 Workshop with Filled-in Forms

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Member Price: $365.00
Non-Member Price: $565.00

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Date/Time:
Nov 18, 2019, 8:30am–4:30pm
Venue:
Capitol Plaza Hotel (Montpelier, VT 05602)
100 State St.
Montpelier, VT 05602
Developer:
Surgent McCoy CPE, LLC
CPE Credits:
Taxes: 8.00
Instructors
Martin Satinksy (3354)
Martin J. Satinsky, CPA, J.D., LL.M., AEP, Distinguished

Martin J. Satinsky has been providing tax and financial planning services to individuals and businesses for over 40 years. He has co-authored seven books on income and estate taxes and personal financial planning, including the popular “Tools and Techniques of Financial Planning.” He has conducted numerous seminars on tax, estate planning, and financial planning topics, including many presentations on life insurance issues.
Mr. Satinsky has worked with regional and international accounting firms, including seven years as a tax partner with Coopers & Lybrand. He was a partner in the accounting firm of Smart and Associates, LLP, specializing in tax consulting for high net worth individuals and closely-held businesses. As director of professional development, he was also responsible for the firm’s training and continuing professional education (CPE) program through Smart University. He was also a founding shareholder of Second Opinion Financial Services, Inc. (SOFS), a company with a focus on educating professionals on the use and mechanics of life insurance.
In 2006 Mr. Satinsky was honored by the National Association of Estate Planners and Councils (NAEPC) as a Distinguished Estate Planner.
Mr. Satinsky is a graduate of the Pennsylvania State University and the Law School of the University of Pennsylvania. He received his Master of Law degree in Taxation from Temple University Law School.
This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms. This course qualifies for CFP Credit.

Objective

  • Be aware of fiduciary accounting principles    
  • Calculate Distributable Net Income and the income distribution deduction     
  • Prepare Form 1041 and Schedule K-1

 

Highlights

  • Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act    
  • Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses    
  • Proper W-2 preparation and procedures in the year of death    
  • Taxpayer passes before taking a required minimum distribution; what must be done?     
  • Forgetful fiduciaries of simple trusts     
  • Fluctuating trusts – Simple one year, complex the next    
  • Dividing income in the year of death           
  • Form preparation issues – Filing requirements and line-by-line explanations of Form 1041     
  • Taxable income of estates and trusts and expense allocation issues     
  • Specific deductions and miscellaneous itemized deductions     
  • Income in respect of a decedent     
  • The income distribution deduction calculation     
  • Relation of principal and income law to DNI     
  • Understanding how to handle capital gains and losses     
  • Allocating tax items to beneficiaries: another K-1    
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation     
  • Comprehensive trust and estate case studies, with filled-in forms

 

Designed For

CPAs whose practice includes the preparation of fiduciary income tax returns.

Prerequisite

Experience with the preparation of income tax returns

Advanced Preparation

None
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