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Form 1041: TCJA & CARES Act Considerations


Cost Free
Presentation Length 1.0 hour

Recorded DateJuly 27, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The TCJA and CARES Act implemented multiple factors affecting the income taxation of trusts and estates. In addition, the IRS just released its final regulations governing Form 1041 deductions which will be covered in great detail during this webinar. Trust and estate income tax returns are more prevalent due to financial and tax planning, and maximizing tax savings is an essential component.   

Learning Objectives:

  • Calculate the distributable net income (DNI) to minimize overall taxation 

  • Identify opportunities for tax savings

  • Determine allowable Form 1041 deductions and how they are reported

  • Recognize Form 1041 for TCJA and CARES Act changes

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Robert S. Barnett, CPA, Esq., is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in taxation, trusts, estates, corporate and partnership law, and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution in both Federal and State jurisdictions, and Tax Court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.

Mr. Barnett applies creative and practical solutions to estate and business planning. He has served on many committees and is a frequent lecturer on numerous tax and business law aspects. He is a member of the Professional Advisors Committee of the Long Island Community Foundation and the American Heart Association. He is active on both the estate and tax planning committees of the New York State Society of CPAs. Mr. Barnett has written articles on numerous estate and tax planning aspects and is a frequent contributor to the New York State CPA Journal, The New York Law Journal, and other publications. His articles and lectures encompass various topics, including business succession, estate planning, generation-skipping, stock options, practical strategies for removing tax liens, proper utilization of the marital deduction, and utilization of partnership elections. Mr. Barnett serves on the Nassau County Bar Association’s Academy of Law and is Co-Chair of the Tax Committee. He is the Vice President and an Executive Board Member of the Nassau Chapter of the New York State Society of CPAs. He is President of the Educational Foundation of the Nassau/Suffolk Chapter of the National Conference of CPA Practitioners and Chairman of the Education Committee. Mr. Barnett has extensive expertise representing clients with unreported foreign assets, including failure to file FBAR forms. He has advised clients in all Offshore Voluntary Disclosure Program facets, including penalty minimization strategies and options. Mr. Barnett received his Juris doctor in 1986 from Fordham University, where he graduated cum laude and was a member of the Fordham Law Review. He graduated magna cum laude from Hofstra University, where he received his Bachelor’s degree in accounting. Mr. Barnett holds a Master’s degree in taxation as the recipient of the highest dean’s award. Mr. Barnett is admitted to practice law in New York, Virginia, and Washington, D.C.


Gregory Matalon’s practice concentrates in the areas of estate planning, estate administration, elder law and Not-for-Profit and Religious Corporations Law.  He regularly helps individuals and families plan for the future through the preparation of Last Wills and Testaments, Trusts, Living Wills and Health Care Proxies and Durable Powers of Attorney documents.  Greg provides his clients with the tools to create a tax efficient estate plan, while realizing that the Client’s goal/s are primary.  Greg also represents Executors and Trustees to navigate the complex Federal and State laws impacting Estates and Trusts.  While representing Executors and Trustees, Greg has identified areas of unsettled law and he has either clarified existing law or, in some cases, created new law through his submissions of Private Letter Ruling requests to both the Internal Revenue Service and New York City Department of Finance.  He has been successful, on behalf of his clients, in each instance.

Gregory regularly lectures on various topics of law including: estate planning and estate administration, Medicaid planning, same-sex couples tax planning and Religious Corporations Law topics  He has lectured before prestigious bar associations (of which he is a member) including: the New York State Bar Association (NYSBA), the Nassau County Bar Association and LeGaL and noted accountant organizations including: the National Conference of CPA Practitioners, the New York State Society of Certified Public Accountants and the New York Society of Independent Accountants.  Greg is also invited to lecture at the Interchurch Center and various community-based organizations.  This year Gregory was asked to speak by Lawline, a premier provider of continuing legal education.  As a member of the NYSBA, Greg was appointed liaison to the Tax Law Section. In addition, he was granted a seat on the House of Delegates, the policy-making body of the NYSBA.

About Our Presenter

Capell Barnett Matalon & Schoenfeld LLP is a family of dedicated attorneys and workers who provide comprehensive, cost-effective legal services to individuals, businesses, not-for-profit organizations, and religious corporations.