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Comprehensive Accounting Issues of Estates and Trusts: Fiduciary Accounting and Tax Issues (FACT05)

 
Date:Friday, December 15, 2017
Time:8:30am - 4:30pm
(Registration at 8:00am )
Facility:Stetson University College of Law, Tampa
CPE Credit:8.0 Accounting and Auditing
Instructor: Scott Emerson
Vendor:Surgent McCoy
Course Level:Basic
Early Bird Price:$295.00 FICPA Members, $420.00 Non-Members
Regular Price:$350.00 FICPA Members, $475.00 Non-Members on 11/15/2017

Description:
Fiduciary income tax is a complex blend of state accounting rates and the tax law of Subchapter J. Only by understanding this interaction can the practitioner acquire the skills and knowledge to provide income tax planning for an estate or trust and its beneficiaries, sure to be an important skill in practice in the new income tax environment.


Objectives:
  • Participants will be able to:
  • Distinguish fiduciary accounting income from taxable income and distributable net income
  • Account for distributions for accounting and tax purposes
  • Identify how the fiduciary income tax return differs from individual income tax
  • Understand state law on principal and income


Major Topics:
  • Review of major legal and tax concepts
  • Concepts of fiduciary accounting: Principal and income
  • The Uniform Principal and Income Act: how specific state laws on principal and income applied to common expenditures and receipts
  • How fiduciary accounting determines the timing and amount of distributions
  • The crucial differences between fiduciary accounting and tax accounting
  • Distinguishing fiduciary accounting income from distributable net income
  • Splitting income between the fiduciary and the beneficiaries: distributable net income
  • How to set up an accounting system for an estate or trust, prepare a judicial accounting, and record-keep for fiduciary accounting
  • How practitioners can handle audits of estates and trusts
  • Various exercises and problems


Who Should Attend:
All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts


Prerequisite:
None



Note:

FICPA EZMaterials! As of April 1, 2017, the FICPA will be going completely green and paper manuals will no longer be available. You will be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. Click here for more information.


Session/Options

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Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.