2.0 CPE CREDITS
As the population continues to age, people are becoming increasingly concerned with finding ways to control or direct how assets are received by future generations. Trust arrangements are therefore becoming more popular as the vehicle of choice for many taxpayers. This course provides the trust tax basics you need to assist your clients. This includes a crash course on trust terminology, as well as definitions, filing procedures, and tax implications of grantor (revocable) and nongrantor (irrevocable) trusts, as well as simple and complex trusts.
This self-study course also discusses the unique concept of fiduciary accounting income (FAI), including how it is calculated. Income tax issues for trusts — including rates, net investment income tax, capital gain rates, application of the QBID deduction, and exemptions — are also covered. The webinar also spends time on distributions, filings requirements, and taxation of beneficiaries, including the allocation of distributable net income among beneficiaries and charitable contributions. Additionally, the course covers how specific gifts and bequests outlined in a trust instrument must be treated. A comprehensive example takes you through the life cycle of a trust, from addressing the grantor’s needs to the ultimate implementation of the desired trust provisions.
Last reviewed for accuracy: October 2023
This course involves completing a pretest, watching a video, answering quiz questions throughout, and successfully passing an exam with a score of 70% or better. The course includes a set of PDF materials that accompany the presentation.
CPE: This course offers 2.0 CPE credit and is approved by the IRS and NASBA for CPA credit in all states.
Cost: $50
Expiration: Per IRS guidelines, this course expires on 12/31/2024. Students must complete the course and pass the final exam by the expiration date or 1 year from the time of purchase, whichever comes first.
Access Instructions: Upon purchase, students receive a transaction receipt via email that contains instructions to complete the course, as well as a code that is required to earn credit for the course. Important note: the person purchasing this self-study course must be the same person taking the course and completing the exam. This course performs best utilizing a desktop or laptop computer, not a mobile device.
For questions regarding refunds, registration policies, and resolving concerns, please see our Policies and FAQ.
Tom O’Saben, EA, was Assistant Director, Professional Education and Outreach, at Tax School from 2019 to 2022, and an instructor for Tax School from 2005 to 2008 and 2011 to 2022. He has presented tax-related instruction for various organizations throughout the country since 2003. Tom has been a tax practitioner since 1991 and earned his bachelor’s degree from Southern Illinois University Edwardsville.
Learning Objectives: By taking this self-study course, you will be able to:
CPE Credits (qualifies for IRS): 2.0. Final exam must be passed with a score of 70% or better.
Expiration: Per IRS guidelines, this course expires on 12/31/2024. Students must complete the course and pass the final exam by the expiration date or 1 year from the time of purchase, whichever comes first.
Delivery Method: QAS self-study (online self-study)
Program Level: Overview
Field of Study: Taxes
Prerequisite(s): Professional experience preparing federal tax returns.
Materials: Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course materials.
Advance Preparation: None
Please see the CPE FAQ for more information.
With our self-study courses, you can earn CPE anytime, from any computer or internet-connected device.