CPAs, lawyers, and trust experts will be preparing and reviewing many 1041s this year, and it is important to establish a solid fiduciary tax foundation. It is critical to understand who pays taxes for ongoing trustees and who pays income taxes during an estate administration. Even if one does not prepare returns, an understanding of the flow of income from a trust to the beneficiary is critical for both lawyers and trust officers.
In this exclusive webinar, Bob Keebler will present vital fiduciary income tax issues and planning points needed to master clients' 1041 issues. This class will cover both the 1041 form and the theory/statutes behind the concepts. Specific topics Bob will cover include the following:
- The types of trusts for income tax purposes: simple, complex, grantor, charitable, and fiscal year elections
- Taxable income versus fiduciary accounting income
- Distributable net income (DNI), including IRAs
- IRC 663(b) “65-day rule”
- The tier rules for DNI
- The separate share rule for DNI
- Passive activity rules for trusts and estates
- 3.8% net investment income tax and the traps
- IRC §691(c) deduction including large IRAs
- Deductions on termination
- QSST and EBST elections
- Difficult 642(c) charitable issues
- Grantor trust reporting
- DAPT reporting
- Kenan losses and the 267(b)(13) related party rules
Learning Objectives:
- Arrange and list the types of trusts for income tax purposes (simple, complex, grantor, charitable and fiscal year elections)
- Identify and master all the vital fiduciary income tax issues, traps, and planning points necessary for clients who have 1041 issues
- Recognize the flow of income from trust to beneficiary
Robert Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA
Keebler & Associates, LLP
Partner
[email protected]
(920) 593-1701
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates,
LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award
from the National Association of Estate Planners & Councils. He has been named by Forbes as
one of the 2024 America’s Top 200 CPAs, by CPA Magazine as one of the Top 100 Most
Influential Practitioners in the United States, and one of the Top 40 Tax Advisors to Know
During a Recession. His practice includes family wealth transfer and preservation planning,
charitable giving, retirement distribution planning, and estate administration. Mr. Keebler
frequently represents clients before the National Office of the Internal Revenue Service (IRS) in
the private letter ruling process and in estate, gift, and income tax examinations and appeals,
and he has received more than 350 favorable private letter rulings including several key rulings
of “first impression.” He is the author of over 100 articles and columns and is the editor, author,
or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been
a speaker at national estate planning and tax seminars for over 30 years including the AICPA’s:
Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences,
NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate
Planning Institute. He also served as chair of the AICPA’s Advanced Estate Planning
Conference from 2014-2020. Mr. Keebler received an award from CPAacademy for Top
Presenter 2022. This award honors those who are committed to the education of accounting
professionals and shares their knowledge in an open and easily accessible format. He also
received an award for Top Tax Educator of the Year for 2021-22 from myCPE for outstanding
contributions in the field of tax education and exceptional dedication to the field.
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