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Webinar (CA): Income Taxation of Trust and Estates—Planning and Compliance


Subchapter J of the Internal Revenue Code governs income taxation of estates and trusts—an area of tax law with numerous special rules, regulations, and professional customs. Form 1041 is unlike any other income tax return a tax professional encounters. This program explains the unique tax rules and opportunities for the knowledgeable tax advisor to provide valuable tax services to fiduciaries—from special tax accounting to options for reporting trust income and expenses. The program will contain state-specific information on the state’s principal and income tax (including unique features of that Act) that is used to compute “accounting income” necessary for the preparation of Form 1041.

Learning Objectives

• Advise fiduciaries regarding their tax duties for the income tax reporting
• Describe the types of trusts and their income impact
• Explain what is involved with trust accounting and dealing with the applicable state principal and income act
• Explain the filing requirements for trusts and the preparation of Form 1041
• Deal with unique issues for income and expenses affecting trusts and estate income taxes
• Describe distributable net income (DNI) and how it impacts taxes

Major Topics

• Estate of the decedent as a taxpayer—filing requirements and tax planning
• Types of trusts
• Trust accounting and available tax elections
• Filing requirements
• Identifying deductible and nondeductible expenses for a trust or estate following the repeal of the deduction for 2% miscellaneous deductions under the Tax Cuts and Jobs Act
• Unique classification of some income and expenses
• Computing accounting income under a state’s principal and income act
• Distributable net income—the concept and its application

California CPA Education Foundation
Course Level
CPE Field of Study
Who Should Attend

Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041.May also be suitable for accountants in public practice or income tax functions of trust companies.

Edward Zollars

General tax knowledge.

Advanced Preparation

This webinar is produced by CalCPA. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.

Event Information
Nov 22, 2021
9:00 am - 4:30 pm MDT
Total CPE Credits


$ (% off)


$ (% off)
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Webinar (CA): Income Taxation of Trust and Estates—Planning and Compliance

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