Fiduciary Accounting & Tax Issues of Estates and Trusts
Wednesday, June 21, 2023
8:30am - 4:00pm (opens at 8:00am) EST
8Credits
Accounting and Auditing
Registration is 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.
Members
$275.00 Regular Price
Non-Members
$400.00 Regular Price
Course Type: CPE Seminars
Course Code: 23/FACT6WS
Level: Basic
Vendor: Surgent
Field of Study: Auditing, Accounting
Overview:
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:
- 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
Presenters:
-
Don Paul Cochran
Don Paul Cochran, JD, CPA, CFP®, CRC® Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 accounting...
Read more about Don Paul Cochran here
Presenters:
Don Paul Cochran
Don Paul Cochran, JD, CPA, CFP®, CRC® Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 accounting...Read more about Don Paul Cochran hereMajor 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
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
Designed For:
All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts
Prerequisites:
None