This course explains how to properly complete Form 1041, provides an overview of the taxation of trusts and estates, and includes an explanation of fiduciary accounting. Tax developments during 2016 impact a wide variety of taxpayers and involve many different issues. They impact 2016 tax year returns that will be filed during the 2017 filing season and refund opportunities for earlier, “open” years; as well as point the way to strategic planning in 2017 and beyond. Upon completing this course, you should be able to: Describe the nature of a fiduciary income tax return; Apply the unique terminology related to the fiduciary income tax return; Explain the following about filing returns; When they are due; How to file; Where to file; Detail how trusts and estates are created; Identify different types of trusts and estates; Complete the basic information on the top of page 1 of Form 1041; Answer the questions in the "Other Information" section on page 2 of form 1041; Recognize the nature and importance of fiduciary accounting; Explain the impact of the Uniform Principal and Income Act on tax reporting; Allocate expenses between income and principal