Advanced Form 1041 Practice Workshop [AP41]

Full Description

Advanced Form 1041 Practice Workshop
June 20, 2012

Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, AK 99503

$295 Member Fee
$445 Non Member Fee

The use of trusts must be re-evaluated in a post-tax reform world, with higher income tax rates for both the trust and its beneficiaries. Practitioners who understand the basics of Subchapter J and Form 1041 compliance soon encounter complex problems requiring sophisticated applications. This course builds upon our intermediate-level course to concentrate on the most difficult issues in practice. This is an essential offering for the practitioner with high-powered clients.

Major Topics:
Case studies with completely filled-in forms tracking the flow of tax items and worksheets
Taking advantage of separate shares and the merged estate
Merging estate and trusts for income tax purposes
Alternative minimum tax for trusts and estates (Schedule G)
Grantor trusts: identification and compliance issues
Income in respect of a decedent, deductions in respect of a decedent, and the 691(c) deduction: calculation and allocation
Pension plan distributions to trusts
Funding pecuniary marital trusts
Charitable deductions (Schedule A)
Charitable remainder trusts (Form 5227) and the ordering rules
Depreciation problems and special issues of holding rental real estate
Special problems for a trust or estate holding a partnership interest or S corporation stock (ESBTs and QSSTs)

Learning Objectives:
Identify items of income in respect of a decedent (IRD) and calculate the 691(c) deduction
Understand how depreciation and alternative minimum tax applies to estates and trusts
Prepare Form 1041 and Form 5227 for charitable trusts
Distinguish grantor and non-grantor trusts

Who Will Benefit:
CPAs who are heavily involved in Form 1041 preparation.
Level of Knowledge: Advanced
Prerequisite: A course in Form 1041 preparation and experience in preparation
Advanced Preparation: None
CFP: Yes
Credits: 8
Field of Study: Taxes
Acronym: AP41
Discussion Leader: Robert L. Miller, CPA, CFF, CFP, PFS
Robert Miller has practiced public accounting for over thirty years in the areas of taxation, accounting, business and individual planning, and litigation support. His experience has been with international, regional, and local firms. In 2000, Mr. Miller was certified by the Supreme Court of Florida as a family mediator. He has also served on the Unlicensed Practice of Law Committee for the Twelfth Judicial Circuit of Florida as a public member.
He taught evening classes at Manatee Community College in entry-level accounting and taxation, which led to numerous public speaking engagements for his firm, estate planning councils, brokerage houses, and others. He also has taught continuing education classes for the Florida Institute of CPAs, and several other State Societies of CPAs. He was awarded the FICPAs Outstanding Seminar Leader Award for two years.
Mr. Miller graduated from the University of South Florida with a BA in accounting. Also, in 2008 the American Institute of Certified Public Accountants began recognizing qualified CPAs as Certified in Financial Forensics (CFF). Previous experience and education qualified Bob and he was among the first CPAs to be granted the credentials.

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