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.
Objective
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
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
Who Should Attend
All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts
Required Knowledge
None
Advanced Prep
None
Event Speaker(s)
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.
Test Your System
You may test your system by clicking here. Please test your system to ensure you have the proper components installed.
Share This Event
Registration Fees
| Registration | Early Bird | Regular |
|---|---|---|
| NCACPA Member | N/A | $260.00 |
| Non-Member | N/A | $360.00 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.