Live Stream: Fiduciary Accounting and Tax Issues of Estates and Trusts
119 | Livestream | Basic | Scheduled
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.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Accounting |
| 4.00 | Taxes |
| 6.75 | CLE |
Designed For
All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts
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 apply 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
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
Prices
- Member (Early Bird)
- $309.00
- Non-Member (Early Bird)
- $429.00
- Member
- $309.00
- Non-Member
- $429.00
Instructors
Dennis Riley, CPA, MBA
Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses.
He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.
Riley's experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.
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