Fiduciary Accounting and Tax Issues of Estates and Trusts Simulcast

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Overview

8.0 Credits
ONLINE

You don’t have to travel to be a part of this seminar! Join us via the live simulcast!

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 needed to provide income tax planning for an estate or trust and its beneficiaries.

In today's new income tax environment, this is a crucial skill to possess. By diving into various exercises and problems, practitioners will examine and review major legal and tax concepts.

Objectives

When you complete this course, you 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

Topics of discussion will include:
  • 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

Designed For

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

Prerequisite

None

Advanced Preparation

None
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FICPA EZMaterials! Paper manuals will not be provided at this session, you’ll need to download the EZMaterials as searchable PDFs to your laptop, tablet or other device before the event. 

For more information feel free to call the FICPA Member Service Center at 800-342-3197 or 850-224-2727.