Advanced Trust Tax Return Preparation

Managing fiduciary returns, particularly for simple trusts, often turns out to be a complex task, contrary to what the name suggests. Professionals tasked with preparing these returns face numerous challenges, from understanding the nuances of revocable trusts to effectively allocating expenses and determining distributions for income tax preparation. The intricacies of dealing with beneficiary levels, trustee fiduciary responsibilities, and the final return preparation can become overwhelming. Furthermore, making informed decisions about elections available on Form 1041, recognizing the differences between a trust and a probate estate, and understanding the separate share rule and trust situs issues require a depth of knowledge that many may not possess.

This course, led by Mary Kay Foss, CPA, provides an in-depth look into the complexities of preparing fiduciary returns for simple trusts. Participants will explore the various conflicts inherent in dealing with beneficiary levels and the trustee’s fiduciary responsibility. The course offers guidance on understanding and utilizing the elections available on Form 1041, differentiating between a trust and a probate estate, and determining the applicability of the separate share rule and trust situs issues. Armed with this knowledge, professionals will be equipped to navigate the complexities of fiduciary returns, ensuring accuracy and compliance in their tax preparation processes.