2024 Fiduciary & Tax Accounting Guide for Estates and Trusts
Overview
This course will review the fundamentals of fiduciary accounting and provide a reporting guide for determining whether receipts and expenditures are assigned to income or principal/corpus. Critical issues, rules, and special opportunities when preparing your clients' Form 1041 U.S. Income Tax Return for Estates and Trusts will be examined, including what is considered taxable income and allowable deductions. Planning and potential pitfalls will also be explored.
Highlights
- Fundamentals of fiduciary accounting
- Uniform Principal and Income Act
- Discretionary Power to Adjust
- Allocations between principal and income
- Estates & Trusts tax bracket
- Form 1041 - Schedule I
- Filing requirements
- Section 645 Election
- Estimated taxes
Prerequisites
Basic working knowledge of estate and trust tax rules
Designed For
Practitioners and members in industry seeking to gain a better understanding of fiduciary accounting and tax rules of estate and trusts
Objectives
- Apply a working knowledge of the financial accounting rules for estates and trusts
- Identify current tax guidelines when preparing a clients estates and trusts return
- Identify planning and potential pitfalls
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Doug Van Der Aa, Federal Tax Workshops Inc
Doug has been a discussion leader for Federal Tax Workshops, Inc., for the past 11 years. He is a lively and energetic speaker – especially on the subject of taxes and ethics, and has extensive experience in leading discussions in conferences, seminars and webinars. He is a regular and highly rated speaker and seminar leader for CPA associations other organizations throughout the country. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts. Doug taught for 10 years as an Adjunct Instructor and for one year as Assistant Professor of Accounting and Taxation for Grand Valley State University’s Seidman College of Business, where he taught in both the undergraduate and MST programs. He earned his Bachelor of Arts degree with a major in accounting from Dordt College and his Juris Doctor from the University of Illinois College of Law.
Non-Member Price $159.00
Member Price $129.00