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Thursday, June 25, 2020
8:30 AM to 10:10 AM

Topic: Form 1041:  A Roadmap To Preparing The Fiduciary Return
Speaker: Monica Haven, EA, JD, LLM
2 Federal Tax Law Hours
IRS: 18QC1-T-01348-20-O
CTEC: 1000-CE-4740

Course Description:
The preparation of The US Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code. This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI) and income-in-respect of decedent (IRD), and offer a practical guide to completing the fiduciary income tax return.

Knowledge Level: Intermediate

Learning Objectives:

#1: Understand the timeline and tax filing requirements faced by a decedent’s personal representative.

#2: Identify reportable items of income and deductible expenses, as well as distinguish between accounting, distributable and taxable income.

#3: Diligently and properly complete Form 1041.

Monica Haven, EA, JD, LLM

Monica Haven, E.A., J.D. has a Masters in Taxation (LL.M.); she is an alum and former faculty member of the National Tax Practice Institute, a recognized speaker on the professional circuit, a sought-after guest lecturer on college campuses and at community organizations. She welcomes every opportunity to share her experience and expertise in the classroom even as she maintains her Southern California tax practice and serves her loyal clientele nationwide. Monica’s students have said she’s a “fantastic speaker” who can take “hard subjects and put them into concepts or analogies that are easy to understand.” For additional information, published articles and extensive, useful tax information, please head for Monica’s website at www.mhaven.net.