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Mastering Form 1041 (Fiduciary Tax) & Form 1040 (Individual Tax) – A Practical Workshop for Tax Practitioners


  • EVENT DATE:

    Jun 13, 2025

  • PRESENTER(s): Robert Keebler

  • 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes

  • Product Code::TL271



Description

This course introduces junior tax professionals to the fundamentals of individual tax preparation. Participants will learn the essentials of Form 1040, including filing requirements, income reporting, and deductions. The session will also cover preparer responsibilities, due diligence, and taxpayer rights under Circular 230. By the end, attendees will have a solid understanding of the foundation of personal tax returns.

This course is designed as a comprehensive guide to the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms. 


Key Learning Outcomes:

  • Form 1040 essentials: filing requirements, due dates, and key schedules
  • Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
  • Preparer due diligence, Circular 230 compliance, and taxpayer rights
  • Relation of principal and income law to DNI
  • Legislative updates for 2024 and potential changes in 2025
  • Allocating tax items to beneficiaries: another K-1


Learning Objectives:

  • Identify preparer responsibilities, including due diligence and ethical obligations
  • Be aware of fiduciary accounting principles
  • Calculate Distributable Net Income and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1
  • Determine the correct filing status and eligibility of dependents based on tax law

Areas Covered:

  • Filing status, dependency rules, and taxable income sources (wages, investment income)
  • Adjustments to income, deductions, and tax credits (standard vs. itemized deductions EITC, Child Tax Credit, Education Credits)
  • IRS cybersecurity considerations and best practices for taxpayer data security
  • Proper W-2 preparation and procedures in the year of death
  • Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
  • Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS CE Provider: #PUPOT
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Should Attend:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners


Speaker Profile:
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 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 250 favourable 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 25 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 and is the immediate past the chair of the AICPA’s Advanced Estate Planning Conference, serving in that capacity from 2014-2020.

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