Fiduciary Accounting & Tax Planning for Estates & 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. 

This course only qualifies for 2 IRS credits.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Highlights

• Fundamentals of fiduciary accounting
• Uniform Principal and Income Act
• Discretionary Power to Adjust
• Allocations between principal and income
• Trust accounting
• 3.8% Net Investment Income
• Form 1041 - Schedule I
• Section 645 Election
• Simple or complex trusts

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