Basics of Trusts, Estates, and Form 1041
2 Credit Hours Price: 2 Tokens
Understanding trusts and estates has become a vital part of assisting our clients in recent years. As the Baby Boom generation ages, it is estimated that up to $84 trillion in wealth transfer could take place, and trust and estate transfers will become increasingly common. The tax professional must be familiar with the most common trust types, the important components of a trust, and taxable and nontaxable distributions from a trust or estate. This 2 CPE webinar will provide the tax professional with an understanding of the basics of operation of a trust as well as the correct tax reporting for trusts and estates, including the completion of Form 1041 and Schedules K-1 for a simple trust.
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Learning Objectives
- Understand the most common types of trusts
- Describe the five key components of a trust
- Determine if a trust is a simple trust or a complex trust
- Understand the terminology associated with trust and estate tax preparation
- Complete Form 1041 and the associated Schedules K-1
Level
BasicPrerequisites
None
Advanced Preparation
None
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Events
2025 Business Issues Update and Review - WEBINAR
8 Credit Hours Price: 8 Tokens
Qualifies for:
IRS 8 CE Hours: (1 hr Federal Tax Law Update, 7 hrs Federal Tax Review)
IRS update: 9AZCR-U-00114-25-O
IRS tax law: 9AZCR-T-00115-25-O
CFP 8 Credit Hours: (In-Person Events Only)
CFP tax: 333386
Wisconsin Insurance 8 Credit Hours
WI Life: 6000184891
Wisconsin Attorneys 8 CLE Hours (Approval pending)
Recent Developments: We provide a review of new tax laws, court cases, IRS rulings, and other developments as we examine their impact on your business clients. Plus, some strategic planning ideas you can use with your tax clients.
Fringe Benefits: Topics include the definition of fringe benefits, taxable vs. nontaxable benefits, employer reporting requirements, and strategies for maximizing tax-advantaged benefits for employees. Gain practical insights to navigate the complexities of fringe benefit taxation and ensure accurate compliance for your clients.
Business vs. Hobby: We examine the critical differences between activities classified as businesses and hobbies, the criteria for determining profit motive, the impact of classification, and strategies for documenting activity to avoid reclassification. Gain the knowledge needed to help clients maximize deductions while staying compliant.
Net Operating Losses: A comprehensive overview of the rules governing NOLs for tax years 2021 and later. Topics include the elimination of carrybacks (with limited exceptions), the indefinite carryforward period, and the 80% taxable income limitation. Gain practical insights into applying these rules, understanding their impact on tax planning, and ensuring accurate reporting.
Home Office Deduction: We explore the deduction for business use of a home. We cover the qualifications, comparing the actual expense and simplified methods for calculating it. Special rules for daycare facilities and essential recordkeeping requirements will also be discussed. Learn where to cl…
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Learning Objectives
- Report the income and expenses from a hobby activity
- Compute a Net Operating Loss on Form 172 and how to apply the loss carryforward
- Determine a taxpayer’s home office deduction using the actual expense and simplified methods
- Recognize the tax treatment differences between leasing and purchasing a business asset.
Level
IntermediatePrerequisites
Familiarity with business tax returns
Advanced Preparation
None
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Events
2025 Part 1 Update and Review - WEBINAR
8 Credit Hours Price: 8 Tokens
Qualifies for:
IRS 8 CE Hours: (1 hr Federal Tax Law Update, 6 hrs Federal Tax Review, 1 hr Ethics
IRS update: 9AZCR-U-00117-25-O
IRS tax law: 9AZCR-T-00118-25-O
IRS ethics: 9AZCR-E-00116-25-O
NASBA 8 Credit Hours: (7 hrs Taxes, 1 hr Regulatory Ethics)
CFP 8 Credit Hours: (no ethics credit)
CFP tax: 333391
Wisconsin Insurance 8 Credit Hours: (includes 1 credit of Ethics)
WI life: 6000184912
WI ethics: 6000184902
Taxing Topics: Various tax issues and a compilation of the most popular tax questions received from our seminar participants. This session has become one of our more popular as we address common tax issues practitioners face during tax season. Our coverage will include the individual tax provisions of the Federal Disaster Tax Relief Act. As always, we will also discuss recent rulings, court cases and other federal developments which impact both you and your clients.
Self-Directed IRAs: This seminar addresses the unique opportunities and complexities of self-directed IRAs. Explore the types of investments allowed, prohibited transactions, and the critical compliance requirements to maintain tax-advantaged status.
Ethics: This session focuses on the ethical responsibilities of tax preparers and the professional conduct standards outlined in IRS Circular 230. Topics include due diligence, avoiding conflicts of interest, and client confidentiality.
Inherited Assets: This session provides a detailed overview of inherited assets and the tax implications of Income in Respect of a Decedent (IRD). Learn how IRD is taxed, its impact on beneficiaries, and strategies for minimizing tax liability. Topics include recognizing common types of IRD, reporting requirements, and planning opportunities to maximize tax efficiency for clients inheriting assets.
Rental Real Estate: This in-depth seminar covers the complexities of rent…
Field(s) of Study: Taxes
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Learning Objectives
- Identify a prohibited transaction and the related penalties for self-directed IRAs
- Complete Form 1040, Schedule E, Income or Loss from Rental Real Estate
- Understand the tax treatment of an inherited annuity and the related tax treatment for IRD assets
- Summarize the due diligence responsibility requirements for tax professionals under Circular 230
Level
IntermediatePrerequisites
Experience completing business and individual tax returns
Advanced Preparation
None
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Events
2025 Part 2 Update and Review - WEBINAR
8 Credit Hours Price: 8 Tokens
Qualifies for:
IRS 8 CE Hours: (2 hrs Federal Tax Law Update, 5 hrs Federal Tax Review, and 1 hr of Ethics)
IRS update: 9AZCR-U-00120-25-O
IRS tax law: 9AZCR-T-00121-25-O
IRS ethics: 9AZCR-E-00119-25-O
NASBA 8 Credit Hours: (7 hrs Taxes, 1 hr Regulatory Ethics)
CFP 8 Credit Hours: (no credits for ethics)
CFP tax: 333386
WI life: 6000184887
WI ethics: 6000184897
Wisconsin Attorneys 8 CLE Hours: (no credits for ethics, Approval pending)
Federal Update: A COMPLETE “Form 1040 and Beyond” review of up-to-the-minute tax law and IRS form changes for 2025 tax returns, with a focused explanation and analysis of the more difficult areas. We will also provide numerous practical and useful illustrations to have you up and running for next tax season.
Complete Analysis of New 2025 Tax Legislation: An in-depth discussion of the new tax bills, and any additional tax laws that will affect the 2025 income tax return, as well as tax planning ideas for your clients.
Ethics: This session provides a comprehensive review of ethical standards under Circular 230, addressing the challenges tax professionals face in their daily practice.
State Tax Updates: All Part II participants will have the ability to view the Wisconsin and Arizona state updates for FREE. All Part II federal seminars will be the same at each location and we will send you a link to view the state update on-demand webinars as soon as they are available.
Note: The state updates will be available online only.
Field(s) of Study: Taxes
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Learning Objectives
- Understand the changes to the most recent federal tax legislation
- Complete Form 1040 for the 2025 filing season
- Identify and apply the ethical standards outlined in Circular 230 as a tax professional
Level
IntermediatePrerequisites
Experience completing individual and business tax returns
Advanced Preparation
None
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Events