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: April 2022
Self-study courses involve completing a pretest, watching a video, answering quiz questions inserted throughout the video, and successfully passing an exam with a score of 70% or better. Each course includes a set of materials that accompany the course presentation. Each course is reviewed annually to ensure the information is up-to-date with current tax law.
This course offers 2.0 CPE credits and qualifies for IRS credit and is NASBA QAS-approved for CPA credit in all states.
This course performs best utilizing a desktop or laptop computer.
Cost: $50.00. To register, add the self-study course to your cart. The course expires 1 year after your purchase. Your exam must be completed within 1 year of your purchase date.
Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course. NOTE: The person purchasing this self-study course must be the same person taking the course and completing the exam.
For questions regarding refunds, registration policies, and resolving concerns, please see our Policies and FAQ.
Tom O’Saben has been an instructor for the Tax School since 2009 and joined the Tax School team full-time as Assistant Director, Professional Education and Outreach in 2019. He has also been a presenter with the National Association of Tax Professionals, where he served as a Training Specialist developing curriculum, writing textbooks, and instructing at educational seminars. Tom’s practice, established in 1991, provides tax services for approximately 1,000 clients. Tom earned his bachelor’s degree from Southern Illinois University Edwardsville. He is an enrolled agent (EA).
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.
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.