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IRS Form 1041-A: Reporting Trust Accumulation of Charitable Amounts and Deduction Requirements

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.

Runtime: 99 minutes
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Why Lorman?

Over 33 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.

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 33 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.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 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

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

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 33 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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Product ID: 405476
Published 2020
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