WAATP Fiduciary Income Tax Returns  Form 1041 Workshop with Filled-in Forms

Date : June 21, 2024

Time : 08:30 am - 04:30 pm

Location : Residence Inn, 1229 Walla Walla Ave, Wenatchee, WA 98801, as well as Live Streamed

Room Block : $179/night+ taxes

• Call into the Residence Inn Hotel ( 509 - 470 - 3145 ) and say you are booking a room for our WAATP event they will get you our room rate
• Room rate will be available 3 days prior and 3 days following Annual Meeting and Educational Opportunity events 
• Bring the family and make it a fun family vacation to start the summer!

Presenter :

  Don Paul Cochran, JD, CPA

Don has practiced law in both Iowa and Minnesota for over 40 years. He is currently in a solo law practice in Apple Valley, Minnesota, focusing on tax, estate planning, and small business organization and management. He was a CPA with the small and emerging business practice of then-Big 8 accounting firm Touche Ross in Bloomington, Minnesota, and he has served as the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company’s Annuity and Mutual Fund division, providing advanced planning support for financial advisors on topics of financial and estate planning for small to medium-size businesses and wealthy individuals.

Don is actively involved in continuing education and other seminars for financial professionals and accountants, on topics related to tax issues for individuals and small businesses; current financial planning and asset transfer; and preparing for and living through retirement. Don is much sought after as a presenter of CPE for seminars sponsored by state societies of CPAs, CPA firms, and other providers of continuing education for financial professionals, and is a featured speaker at several national tax conferences.

Don earned a Bachelor of Science in general science from the University of Iowa in Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being a licensed attorney in Minnesota and Iowa, he maintains his license as a certified public accountant. He also attained the designations of Certified Financial Planner and Certified Retirement Consultant.

Overview

This course is designed as a comprehensive guide to 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.

Major Topics:

• 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
• Overview of Subchapter J
• 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
• Other considerations: excess deductions on termination
• Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
• Comprehensive trust and estate case studies, with filled-in forms

Learning Objectives

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

Designed for:

Accounting and Financial Professionals whose practice includes the preparation of fiduciary income tax returns

PREREQUISITE:

Experience with the preparation of income tax returns

ADVANCED PREPARATION:

None

Registration :

Members :  $350 - Early Bird

                    $375 - Price Increase May 28, 2024         

Non-Members : $400 - Early Bird 

                           $425 - Price Increase May 28, 2024

* includes lunch

Updated : April 22, 2024