Fiduciary Accounting and Tax Issues of Estates and Trusts

Overview

You could pay $0 for this course!

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.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-3033. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

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

Prerequisites

None

Designed For

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

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

Preparation

None