CPA, Enrolled Agent, US Business Taxation: Understanding Trust and Estate Income Tax as per IRS
What you will learn
Income Tax Under U.S. Tax Law (IRC): Gain insights into the Internal Revenue Code issued by the IRS, focusing on estate and trust income tax.
Types of Trusts: Explore various trust structures and their unique tax implications.
Distributable Net Income (DNI): Understand how DNI impacts taxation for trusts and estates.
Exclusions, Exemptions, and Deductions: Learn about allowable exclusions, exemptions, and deductions to minimize tax liability.
Fraudulent Trusts: Identify and avoid practices associated with fraudulent trusts.
Income Allocation: Delve into the allocation of income between trusts, estates, and beneficiaries.
Filing Requirements: Study tax filing obligations, including tax years, forms, and submission deadlines.
Penalties: Understand potential penalties for non-compliance and strategies to avoid them.
Why take this course?
CPA, Enrolled Agent, US Business Taxation: Understanding Trust and Estate Income Tax as per IRS
This comprehensive course is designed for professionals with a background in taxation, offering an in-depth exploration of trust and estate income tax under U.S. tax law. Whether you’re a tax consultant, attorney, or financial advisor, this course will equip you with the knowledge to navigate the complexities of the Internal Revenue Code (IRC) as it pertains to trusts and estates.
What You Will Learn:
– Income Tax Under U.S. Tax Law (IRC): Gain a thorough understanding of the IRS regulations governing estate and trust income tax.
– Types of Trusts: Explore various trust structures, including revocable, irrevocable, and charitable trusts, and their unique tax implications.
– Distributable Net Income (DNI): Learn how DNI impacts the taxation of trusts and estates, and how it influences the distribution of income to beneficiaries.
– Exclusions, Exemptions, and Deductions: Discover allowable exclusions, exemptions, and deductions that can help minimize tax liability for trusts and estates.
– Fraudulent Trusts: Identify the characteristics of fraudulent trusts and understand the risks associated with them.
– Income Allocation: Delve into the rules for allocating income between trusts, estates, and beneficiaries, ensuring compliance with IRS regulations.
– Filing Requirements: Study the tax filing obligations for trusts and estates, including the necessary forms, tax years, and submission deadlines.
– Penalties: Understand the potential penalties for non-compliance and learn strategies to avoid them.
Course Content:
– Video 1: Overview – Introduction to U.S. tax law, trust types, DNI, exclusions, fraudulent trusts, income allocation, filing requirements, and penalties.
– Video 2: Types of Trusts – Detailed exploration of various trust structures under U.S. tax law.
– Video 3: Distributable Net Income and Accounting Income- Understanding DNI, beneficiary income, and allowable deductions.
– Video 4: Exclusion, Exemption, and Deductions- Focus on disallowed deductions, charitable deductions, and DNI.
– Video 5: Fraudulent Trusts- Identification and risks associated with fraudulent trusts.
– Video 6: Income in Respect of Decedent – Reporting R&D, estate tax deductions, and other income.
– Video 7: Income and Separately Stated Items – Income allocations and the distinction between corpus and income.
– Video 8: Filing Requirement, Tax Years, and Penalties – Fiduciary obligations, Form 1041, and compliance strategies.
Enroll now to master the intricacies of trust and estate income tax and enhance your professional expertise in U.S. business taxation.