Don Farmer's Trusts, Estates & Gift Tax Forms

Overview

This intermediate-level course provides a focused review of federal income and transfer tax reporting for trusts, estates, and taxable gifts. Participants will examine key reporting requirements and filing mechanics for Forms 1041 and 709, including income distribution deductions, Schedule K-1 reporting, and taxable gift calculations. The course emphasizes fiduciary accounting considerations, compliance risks, and common preparation errors. Practical examples reinforce accurate reporting and documentation standards in fiduciary and gift tax return preparation.

Highlights

• Overview of fiduciary and gift tax reporting framework • Form 1041 reporting fundamentals o Gross income and deductions o Income distribution deduction (IDD) mechanics o Schedule K-1 reporting for beneficiaries • Basic fiduciary accounting income considerations • Form 709 reporting fundamentals o Taxable gift calculation o Annual exclusion and split-gift elections • Common preparation errors and IRS examination focus areas

Designed For

Tax Professionals

Objectives

Identify high-risk areas for sales tax exposure and learn proactive strategies to prevent compliance issues before they arise.