Registration:                    8:00 – 8:30 am

Morning Session:             8:30 – 11:45 am

Lunch (On your own):       11:45 am – 12:45 pm

Afternoon Session:           12:45 – 4:40 pm

Understanding Income Taxation of Estates:
Basic Concepts and Issues

   Commencement and duration of estates

   Principles of income taxation of estates

   Accounting methods

   Taxable years

   Determining tax period, making estimated payments, filing returns

Understanding Income Taxation of Trusts:
Basic Concepts and Issues

   Reviewing federal and state tax law

   Commencement and duration of trusts

   Principles of income taxation of trusts

      • Simple trusts, complex trusts, grantor trusts

   Determining tax period, making estimated payments, filing returns

Handling Key Tax and Accounting Issues of Trusts and Estates

   Electing to treat a qualified revocable trust as part of the estate

   Calculating distributable net income and taxable income

Identifying Income Reportable by Fiduciaries

   Interest and dividend income

   Business income and capital gains

   Rents, royalties, partnership and other income

   Farm income and ordinary income

Applying Deductions, Elections, and Credits

   Specific deductions

   Handling taxable income

   Answering questions and making elections

   Applying the separate share rule

Handling Distributions and Calculating the Alternative Minimum Tax

   Handling special types of distributions

   Accumulation distributions and distributions in excess of DNI

   Calculating alternative minimum tax

Applying the New Medicare Surtax to Trusts and Estates

   The Medicare surtax on net investment income

   Active vs. passive activities

   Planning considerations and strategies

Reviewing Sample Completed 1041 Forms and Schedules

   Calculating income and deductions for estates, including final year tax issues

   Treatment of income and deductions for simple trusts

   Calculating income and deductions for complex trusts


     8.0 CPE Hours

     6.5 North Carolina CLE Hours
     6.66 South Carolina CLE Hours

Certified Financial Planners
     8.0 CE Hours

IRS Enrolled Agents
     8.0 CE Hours

Continuing Education Credit Information

This seminar is open to the public and offers 8.0 CPE credit hours to North Carolina certified public accountants.The North Carolina State Board of Certified Public Accountant Examiners does not register CPE sponsors and does not approve specific CPE courses. Sponsors of CPE programs that are listed in good standing on the National Registry of CPE Sponsors maintained by the National Association of State Boards of Accountancy (NASBA) shall be considered by the Board as compliant with the CPE requirements of 21 NCAC 08G .0403(c).

HalfMoon Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. This intermediate level course offers 8.0 CPE hours in the field of taxes. A basic understanding of taxes is recommended, and no advanced preparation is necessary. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: Sponsor No. 103015.

The North Carolina Board of CLE has approved this eventfor 6.5 CLE hours for attorneys. The application is underreview. The South Carolina Commission on CLE has approved this course for 6.66 hours for attorneys.

HalfMoon Education Inc. is a CFP Board-registered continuing education sponsor. The Certified Financial Planner Board of Standards, Inc. has granted 8.0 hours of continuing education credit for the completion of this seminar.

This program qualifies for 8.0 hours of continuing education credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g). Course No. NHXDT-T-00029-14-I.

Attendance will be monitored, and attendance certificates will be available after the seminar for most individuals who complete the entire event. Attendance certificates not available at the seminar will be mailed to participants within fifteen business days.


Martin M. Brennan

After practicing for three years with a “Big 8” accounting firm in Raleigh, North Carolina, and for more than 15 years with large law firms in Raleigh and Charlotte, North Carolina, Mr. Brennan founded Brennan Law Firm, PLLC. He received his undergraduate degree in Accounting from The Pennsylvania State University in State College, Pennsylvania, and his law degree from Duquesne University School of Law in Pittsburgh, Pennsylvania. In addition to being a tax attorney, Mr. Brennan is also a certified public accountant. He is licensed to practice law in the State of North Carolina, the Commonwealth of Virginia, and the U.S. Tax Court. He is a member of the American Bar Association, the North Carolina Bar Association, and the American Institute of Certified Public Accountants. Mr. Brennan uses his broad tax and legal background and hands-on experience to guide his clients through the complexities of the tax laws and counsels and advises them on many tax, business and individual issues.

Stephen J. Romeo

Mr. Romeo joined Brennan Law Firm, PLLC, in 2016 after most recently having been a sole practitioner in the Lake Norman area. Since 2007, he has assisted clients with various wealth preservation and asset protection needs, from veterans requiring basic estate planning documents to high net-worth individuals requesting asset protection planning in North Carolina, Pennsylvania and West Virginia. Mr. Romeo is a graduate of Villanova University and the Widener University School of Law. He is also a graduate of the U.S. Army Judge Advocate Officer Basic and Advanced Course. In addition to Mr. Romeo’s civilian law practice, he also serves as a Captain in the Army National Guard as a Judge Advocate (military attorney). He is a veteran who honorably served with the U.S. Army in 2013 in Kandahar, Afghanistan, as a Judge Advocate for the 15th Sustainment Brigade.