Agenda

Presented by Russell A. Willis III, J.D., LL.M.

Day One, Wednesday, October 28, 2020
10:00 am – 1:45 pm CDT (including a 30-minute break)


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
Overview of recent and anticipated developments


Income Taxation of Trusts: Basic Concepts and Issues

Commencement and duration of trusts
Principles of income taxation of trusts
Importance of grantor trusts in income tax planning
Taxable years
Determining tax period, making estimated payments, filing returns


Fundamental Fiduciary Tax and Accounting Concepts

Trust accounting income
Distributable net income
Taxable income

 


Day Two, Thursday, October 29, 2020
10:00 am – 2:15 pm CDT (including a 30-minute break)


Income Reportable by Fiduciaries

Interest and dividend income
Business income and capital gains/losses
Rents, royalties, partnership and other income
Farm income and ordinary income


Deductions Available to Fiduciaries

General rules
Specific deductions
Income distribution deduction


Tax Calculations, Credits, Payments and Special Rules

How to handle taxable income
Available credits
Payment of tax


Special Issues and Situations

Trust and estate distributions
Alternative minimum tax
Net investment income tax


Sample Problems for Form 1041 Preparation

Simple trusts
Complex trusts
Estates

 

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.

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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

Texas Accountants:
8.0 CPE Hours

IRS Enrolled Agents and Tax Return Preparers:
8.0 CE Credits

Certified Financial Planners:
8.0 CE Hours (Tax Planning)

California, Arizona, New Hampshire, and Vermont Attorneys:
7.0 CLE Hours

New York Attorneys:
8.0 CLE Hours

 

Continuing Education Credit Information:

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. Sponsor No. 103015.

HalfMoon Education Inc. is an approved CPE provider for Texas accountants (Sponsor ID: 001151). This provider approval does not constitute approval or endorsement of individual programs.

HalfMoon Education Inc. is a CFP Board-registered continuing education sponsor. The Certified Financial Planner Board of Standards, Inc. has granted continuing education credit for each of these webinars. See each listing for the credits that are available.

HalfMoon Education Inc. is certified by the New York State CLE Board as an Accredited Provider of CLE programs. Each webinar offers 8.0 CLE hours in nontraditional format consisting of Areas of Professional Practice hours, which are appropriate for experienced attorneys.

HalfMoon Education is an approved CLE provider for California and Vermont attorneys. Arizona and New Hampshire CLE providers and courses are not subject to preapproval. See each course listing for available CLE hours.

HalfMoon Education is an approved for continuing education credit for enrolled agents and other tax return preparers under Treasury Department Circular #230 Section 10.6(g). See each listing for the credits that are available.

Participation will be monitored and reported, as required. Attendance certificates will be available after the webinar for those individuals who complete the entire webinar, comply with the monitoring requirements, and score at least 80% on the quiz that follows the instruction (multiple attempts allowed).

Speakers

Russell A. Willis III J.D. LL.M.

Mr. Willis is a tax lawyer, freelance writer, and consultant and advisor to lawyers, on issues related to wealth transfers. He has written numerous articles for publications serving tax and charitable gift planning professionals, and he is a frequent conference and seminar speaker throughout the country.

Three years ago, he launched a newsletter, the Jack Straw Fortnightly, analyzing current developments in the law – both tax and nontax – concerning the transfer of private wealth in this country.

Mr. Willis chaired the Steering Committee of the Probate and Trust Law Section of his local bar association and served on a legislative drafting subcommittee for the Probate and Trust Law Committee of the State Bar. He has also written numerous articles for law journals and publications.

Mr. Willis has a law degree from St. Louis University and a master’s degree in Taxation Law from Washington University in St. Louis. His undergraduate degree in English Literature is from Indiana University, Bloomington, and he has a master’s degree in English from the University of Chicago.