Dive into this comprehensive guide to accurately completing IRS Form 1041-A.
This will provide you with a comprehensive guide to accurately completing IRS Form 1041-A. You will learn how to identify trusts that are required to file IRS Form 1041-A and how to complete IRS Form 1041-A. The material will also cover the charitable deduction for trusts under IRC 642(c) for charitable contributions and gross income permanently set aside for charitable purposes.
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Agenda
How to Fill out IRS Form 1041-A
- Conceptual Overview of the Taxation of Estates and Trusts
- IRS Form 1041
- Income and Deductions Generally
When to File Form 1041-A
- Who Must File?
- Exceptions
- Due Date and Extensions
Overview of 642(c)
- 642(c)(1) - Charitable Contributions Paid in Subsequent Tax Year
- 642(c)(2) - Amounts Permanently Set Aside for Charitable Purposes
Conceptual Overview of Form 1041-A
- Income and Deductions
- Distributions of Income Set Aside for Charitable Purposes
- Distributions of Principal for Charitable Purposes
- Balance Sheets
Public Disclosures
Penalties
Amending Form 1041-A
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 24, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
T.J. Aldous
Fennemore Craig, P.C.
- Of counsel at Fennemore Craig, P.C. in Phoenix, Arizona; previously associated with various other firms including McGuireWoods and Baker & Hostetler
- Spoken about and commented on issues involving the taxation of trusts with multistate contacts, including for Bloomberg BNA, Virginia Banker’s Association, and the American Association of Attorney-Certified Public Accountants
- Published articles include: Taxation of Trust Income: What Are the Constitutional Limitations to Impose Tax, and Are States Adhering to Them?, Tax Management Weekly State Tax Report, 2014 Weekly State Tax Report 3, 4/11/14; Taxation of Trust Income: What Is a Resident Trust And How Does a Jurisdiction Decide It Should Be Taxed?, Tax Management Weekly State Tax Report, 2014 Weekly State Tax Report 3, 4/4/14; Knight v. Commissioner and Its Impact on Proposed Regulation §1.67-4, Tax Management Real Estate Journal, Vol. 24, No. 3, p. 60 (2008)
- Representation of high net worth individuals and national, regional, and local banks and trust companies on matters involving trust administration and taxation
- Named a Rising Star in Super Lawyers 2012
- Active member of the Arizona State Bar
- J.D. degree, University of Kansas; LL.M. degree in taxation, New York University
- Can be contacted at 602-916-5468 or [email protected]
Steven Hilton
Fennemore Craig, P.C.
- Associate attorney at Fennemore Craig, P.C. in Phoenix, Arizona
- Practice areas include trust & estates (including charitable planning) and taxation
- Spent two years at Ernst & Young; also worked for a smaller firm in Ventura County, CA and a mid-size firm in Salt Lake City, Utah
- Has been involved in multiple services organizations (including Rotary International), chambers of commerce, and was previously a board member of the Ventura County Taxpayer’s Association
- M.A. degree in accounting (taxation), Brigham Young University (top-ranked accounting program)
- Can be contacted at 602-916-5467 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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