Federal Fiduciary Income Tax Workshop
NASBA Sponsor No. 103015.
- Learners will be able to explain the taxation of estates, including estate and income tax.
- Learners will be able to discuss the taxation of trusts, including grantor trusts.
- Learners will be able to identify the principles of fiduciary income taxation.
- Learners will be able to understand and accurately complete IRS Form 1041
- Learners will be able to explore Section 642(c) and QSST tax examples.
Instructional delivery method: Group Internet Based
Credits and field of study: 8.0 CPE credits in the area of taxation
Program level: intermediate
Advanced preparation: knowledge in federal taxation will be beneficial.
Attendance requirements: time in attendance and response to polling questions will be tracked, and full participation will be required for credit.
Refund policy: registrant cancellation two business days or more before the program may be refunded, minus a $39 cancellation fee. Registrant cancellation within two business days of the program may be refunded with a HalfMoon Education voucher to attend a different program at equal or lesser value. In the event of program cancellation, the full tuition will be refunded to registrants.
Complaint resolution policy: complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org. Sponsor No. 103015.
Official NASBA sponsor statement: HalfMoon Education Inc. 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. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Webinar instructions will be emailed before the date of the webinar.
Please log into the webinar 15 – 30 minutes before start time.
Tuesday, June 20, 2023
8:30 am – 4:40 pm CT (including a 60-min. break)
Trusts and Estates Overview Including Tax Considerations
- Basic framework for typical estate plan
- Taxation of estates: estate tax overview
- Taxation of estates: income tax overview
- Taxation of trusts overview
- Grantor trusts: income tax overview
- Various unique types of trusts
Principles of Fiduciary Income Taxation
- Trust accounting income
- Distributable net income
- Simple trusts
- Complex trusts
- Special rules
Income Taxation of Estates and Simple and Complex Trusts
- IRS Form 1041, line by line
- Capital gains
- Other income
- Expenses and deductions
- Alternative Minimum Tax (AMT)
- Other concepts from Form 1041 and schedules
Practical Examples to Put It All Together
- Section 642(c) election example
- QSST example
- Simple and complex trust examples
- Grantor trust example
- Final year example
Each webinar session earns continuing education credit and can be registered for individually. All attendees must log-on through their own email – attendees may not watch together if they wish to earn continuing education credit. HalfMoon Education Inc. must be able to prove attendance if either the attendee or HalfMoon Education Inc. is audited.
Certificates of completion can be downloaded in PDF form upon passing a short quiz. A link to the quiz will be sent to each qualifying attendee immediately after the webinar. The certificate can be downloaded from the Results page of the quiz upon scoring 80% or higher.
Webinars are presented via GoToWebinar, an easy-to-use application that can be run on most systems and tablets. Instructions and login information will be provided in an email sent close to the date of the webinar. It is highly recommended that you download, install and test the application before the webinar begins by clicking on the link in the email.
GoToWebinar App requirements:
Windows 7 – 10 or Mac OSX Mavericks (10.9) – macOS Catalina (10.15)
The two most recent version of the following browsers:
Google Chrome, Mozilla Firefox, Apple Safari, Microsoft Edge
Internet Explorer v11 (or later) with Flash enabled
Internet connection: Minimum of 1Mbps Hardware: 2GB RAM or more
For more information, visit the Support section at www.gotowebinar.com
8.0 CPE Hours
6.5 60-minute CLE Hours (AZ, CA, CT, IL, NH, PA, TX)
8.0 50-minute CLE Hours (FL, NJ, MO)*
IRS Enrolled Agents and Tax Return Preparers:
8.0 CE Credits
* no credit for NY attorneys
Continuing Education Credit Information
This webinar is open to the public and offers accountants 8.0 CPE credit hours (based on 50-minute hours) of intermediate-level group internet based CPE credits in the area of taxation. Knowledge in federal taxation is beneficial, and no advance preparation is recommended. NASBA Sponsor No. 103015.
HalfMoon Education Inc. 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. 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: www.NASBARegistry.org.
This course offers 8.0 continuing education credit hours for enrolled agents and other tax return preparers under Treasury Department Circular #230 Section 10.6(g).
HalfMoon Education Inc. is a CFP Board-registered continuing education sponsor. The Certified Financial Planner Board of Standards, Inc. has granted 8.0 continuing education credit hours to the course.
HalfMoon Education in an approved MCLE Multiple Activity Provider for California attorneys (No. 8370); this webinar is designed to qualify for 6.5 CLE hours to California attorneys. Halfmoon Education is a New Jersey CLE Service Provider (No. 164); this webinar offers 8.0 CLE hours to New Jersey attorneys. HalfMoon Education is an approved CLE provider for Pennsylvania attorneys (No. 1613); this webinar offers 6.5 CLE hours to Pennsylvania attorneys. HalfMoon Education is an approved CLE provider for Texas attorneys (No. 8306); this webinar offers 6.5 CLE hours to Texas attorneys. This course has been approved by the Missouri Bar for 8.0 CLE hours. This course has been approved by the Florida Bar for 8.0 general CLE credits. This course has been approved for 6.50 MCLE general credit hours by the Illinois MCLE Board. This approval qualifies the webinar for Connecticut attorneys. This webinar is designed to offer 6.5 CLE credits to attorneys in Arizona and New Hampshire, where CLE providers and courses are not subject to preapproval. No credit is offered for New York Attorneys.
Attendance will be monitored, and attendance certificates will be available after the webinar for those who attend the entire course, respond to prompts, and score a minimum 80% on the quiz that follows the course (multiple attempts allowed).
Christian A. Klaas, CPA, MSTPartner at Friedman & Huey Associates LLP – Homewood, IL
Mr. Klaas is a partner at Friedman & Huey Associates, LLP. He specializes in fiduciary, estate and individual income taxation and working with large family groups. Mr. Klaas taught as an undergraduate/graduate tax instructor at Purdue University Northwest. He received his B.S. degree with concentrations in Accounting and Finance from Purdue University Northwest and received his M.S. degree in Taxation from DePaul University. He has spoken on various occasions presenting on taxation of decedents, estates and trusts. Mr. Klaas serves as a 1041 subject matter expert for a national tax software development firm, has edited various professional publications and is an active member of the Chicago Estate Planning Council, Illinois CPA Society, and AICPA.
Ryan Wirtz, CPA MSTSenior manager at Friedman & Huey Associates, LLP - Homewood, IL
Mr. Wirtz is a senior manager at Friedman & Huey Associates, LLP. He specializes in fiduciary, charitable and individual income taxation and working with large family groups. Mr. Wirtz received his B.S. degree in Accounting from Purdue University Northwest and received his M.S. degree in Taxation from DePaul University. He also is a member of the Illinois CPA Society.