This course covers tactical moves to make when preparing for 2024 returns. It addresses strategic issues considering how trusts and beneficiaries often have different combined federal and state income tax rates. This session will also address the multiple trust rules, state fiduciary income taxation, distributions in the first 65 days of a year, and the 2025 tax brackets.

Learning Objectives:

• Recognize updated taxable income thresholds for ordinary income and net investment income tax, capital gains, and Code §199A qualified business income


• Evaluate documentation to avoid the multiple trust rule


• Define key concepts to consider regarding state fiduciary income taxation, including a brief review of the leading cases


• Determine discretionary distributions in the first 65 days of a taxable year, including how to make such a distribution carry out a capital gain


• Identify charitable distributions and other planning issues, including minimizing liability for the trustee and the return preparer

This course assumes basic knowledge of fiduciary income tax, which one may obtain from the webinar, How to Shift Income to Beneficiaries, or other sources.

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222