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Course/Product Description
Title:

Form 1041-A: Reporting Trust Charitable Accumulation Amounts, IRC 642(c) Deduction Requirements - Calculating Set-Asides, Recognizing Eligible Income Deductions, And Identifying Principal Distributions

SKU:WC-1028829
Date / Time: Recorded
Format: Webinar
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Description:

This webinar will provide tax advisers to trusts and fiduciaries with detailed practical guidance for completing IRS Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts. The panel will discuss the intersection between Form 5227 and 1041-A, detail trusts that are required to file the information return, and address common traps for preparers.

A complex challenge for fiduciary tax advisers is navigating the calculation and filing challenges of IRS Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts. Any trust that is not a split-interest trust defined Sec. 4947(a)(2) which claims a charitable income tax deduction under Sec. 642(c) must also file Form 1041-A. The regulations include costly tax penalties for failure to report charitable accumulations amounts.

The rules governing tax treatment of trust distributions to charitable organizations differ from that of distributions to beneficiaries. The default treatment of beneficiary payments is to consider the distributions as coming out of distributable net income (DNI). In contrast, a complex trust must trace the income when making a distribution to a charitable organization to determine whether it qualifies for a charitable deduction under the terms of IRC 642(c).

The Form 1041-A filing requirement applies not only to direct charitable distributions by a trust but also to the trust’s share of any charitable contributions made by partnerships or S corporations in which the trust has an ownership interest. Tax advisers must be diligent in tracing trust accumulations and pass-through charitable contributions to avoid adverse tax consequences.

Listen as our experienced panel provides a practical and detailed guide to completing Form 1041-A, including identifying filing requirements, income sourcing challenges and accumulation calculations.

Outline

  • IRC 642(c) charitable deduction rules
  • Contrasting DNI rules with charitable distribution income sourcing
  • Form 1041-A: section-by-section
    • Income and deductions
    • Distributions of income set aside for charitable purposes
    • Distributions of principal for charitable purposes
  • Filing requirements for trusts owning shares in partnerships or S corporations
  • Planning opportunities and documentation requirements
Benefits

The panel will discuss these and other important topics:
  • How to identify whether a trust needs to file Form 1041-A
  • IRC 642(c) income sourcing rules to determine whether a contribution is made from income
  • Calculating set-asides and distributions from amounts which have previously qualified for charitable deduction
  • Interrelation between Form 1041-A and Form 5227
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford 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.

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

Licenses / Designations / Educational Credits:CPE
All US States: 2
About The Provider: Strafford Publications, 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.

Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.

Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
More Info: Contact Us For More Information
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