AICPA's Tax Staff Essentials, Level 3 – Tax Senior/Supervisor
This comprehensive, integrated curriculum provides tax training for four different experience levels – New Staff (Level 1), Experienced Staff (Level 2); Tax Senior/Supervisor (Level 3); and Tax Manager/ Director (Level 4).
This course is part of Tax Staff Essentials, Level 3 – Tax Senior/Supervisor which identifies the more difficult areas for experienced tax compliance specialists. This level will give staff Seniors and Supervisors the confidence necessary to begin assuming client and engagement management responsibilities.
This comprehensive course offers you an understanding of the federal income taxation of trusts and decedents’ estates, along with the effects certain tax scenarios have on the beneficiaries of those trusts and estates. We will also discuss some basic planning options that help minimize taxes during income accumulation, distribution, or the transfer of wealth to intended beneficiaries.
- Types of trusts
- Trustee powers
- Recognition and realization of income
- Elements of an estate
- Estate tax calculations
- Personal gifting and the federal gift tax
- Basic concepts of estate planning
When you complete this course you will be able to:
- Understand the concept of a trust and the various types of trusts.
- Advise clients on filing requirements for Forms 706 and 709.
- Identify the elements of an estate and grantor trusts.
- Minimize transfer taxes by incorporating exemptions and credits.
- Understand statutory provisions that mandate or protect interests of a decedent’s spouse and/or children.
Prerequisite: Basic knowledge of estate and gift taxation
Advanced Preparation: None