Course Description

After the loss of a loved one, nothing can be more stressful to the client than trying to deal with tax filings. As practitioners, we can make the lives of clients dealing with these losses much easier if we can help them navigate these forms. In this course, we will discuss some of the opportunities on Form 1041. We will discuss basic tax strategy, elections that may be made, as well as opportunities that may be available. By understanding these things, you will be in a better position to give grieving clients the best advice possible during difficult times.

Learning Objectives

  • Identify who needs to file a Form 1041 Income Tax Return.

  • State common deductions and elections available for estates on Form 1041.

  • Recognize the key considerations when making a distribution to beneficiaries.

Additional Required Materials

  • Level: Intermediate

  • Field of Study: Taxes (NASBA); Estate Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners and financial advisors who advise on tax compliance for trusts and estates.

  • Required Knowledge: Basic understanding of individual income tax laws.

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.