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Basic Introduction and Review of Form 1041

BASIC INTRODUCTION AND REVIEW OF FORM 1041

Cost Free
Presentation Length 1.5 hours

Recorded DateJune 16, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This presentation reviews the fundamentals of the fiduciary entity, fiduciary accounting, and taxation. We will analyze Form 1041 and the different calculations necessary for accurate preparation. This presentation will provide tools and schematics to assist in increasing your understanding of what to look for when preparing or reviewing a Form 1041.

Learning Objectives:


  • Identify the basic components of a fiduciary entity.

  • Review the state and federal laws that drive a fiduciary entity.

  • Distinguish between fiduciary accounting and fiduciary taxation.

  • Recognize the relationship between the different authorities that impact accounting and tax treatments.

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Jacqueline Patterson is a founding partner at Buchanan and Patterson LLP and specializes in tax, estate, and financial transactions. Her emphasis is positioning individuals, businesses, and fiduciary entities for asset protection and succession planning. She advises grantors, fiduciaries, and beneficiaries in matters involving the transfer, administration, investment, and management of assets and is a consultant to attorneys and CPAs in fiduciary accounting, taxation, and litigation.

Teaching is an important role in Ms. Patterson's professional career. She has held Adjunct Faculty positions in the graduate tax programs at both USC and Golden Gate University. She has served on an AICPA special task force studying fiduciary accounting and previously served on the Estate and Gift Technical Resource Panel for several years. She taught for the National Tax Institute and has been a seminar discussion leader and author for the California CPA Education Foundation for over a decade writing and facilitating full-day seminars in corporate taxation, the income taxation of trusts and estates; fiduciary accounting; tax research and planning, trusts, real estate transactions, and charitable trusts. She co-authored and taught an on-line estate planning certificate program for the Education Foundation.

About Our Presenter

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Brian Buchanan and Jacqueline Patterson have been practicing law together in downtown Los Angeles since 1999, and have been practicing as Buchanan & Patterson, LLP since 2010. Their practice, located in the Wedbush Center runs the gamut from litigation, real estate, and transactional to tax and estate planning. The boutique firm prides itself on excellence, integrity, and quality personal client service.

The litigation services provided by the firm handles cases before the state and federal courts and administrative agencies relating to matters in contract, real property, construction, torts, and general business disputes. The firm’s business practice performs services in all of the principal substantive areas of commercial law, including corporate, partnership, real property transactions, and general contract law. The tax and estate planning portion of the practice includes estate, gift and GST planning, document drafting, business succession & entity structuring strategies, trust and estate administration, litigation, fiduciary accounting, and tax planning and compliance.