Agenda

Webinar instructions will be emailed before the date of the webinar.

Please log into the webinar 15 – 30 minutes before the start time.

Thursday, June 27, 2024
9:00 am – 4:40 pm CDT

 

Presented by: Christian A. Klaas, CPA, MST and Ryan Wirtz, CPA, MST

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
  • Income
  • Dividends
  • Capital gains
  • Other income
  • Expenses and deductions
  • Credits
  • 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

   

Webinar Instructions

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)

Web Browser:
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

Credits

Accountants
8.0 CPE Hours

Attorneys
6.5 60-minute CLE Hours (AZ, CA, CT, IL, PA, VT, TX)

Attorneys
8.0 50-minute CLE Hours (FL)

IRS - Internal Revenue Service
8.0 CE Credits

CFP Board - Certified Financial Planner Board of Standards
8.0 CE Hours (Tax Planning)

 

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 advanced 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 IRS 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.

The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 6.5 hours toward your annual CLE requirement for the State Bar of Arizona. 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 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 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 program does not qualify 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).

On-Demand Credits

The preceding credit information only applies to the live presentation. This course in an on-demand format is not pre-approved by any organizations or licensing boards.

Speakers

Christian A. Klaas, CPA, MST

Partner 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 MST

Principal at Friedman & Huey Associates LLP in Frankfort, IL

Mr. Wirtz 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 member of the Illinois CPA Society.