Financial accounting for trusts and estates is one of the least understood branches of accounting. Fiduciary accounting is not particularly concerned with recording income and expenses but is obsessed with determining whether receipts and expenditures are assigned to income or principal/corpus. Only after that is known can the trustee begin to make their required and discretionary distributions to beneficiaries. However, very few noncorporate trustees have any idea of what is required for proper trust accounting and reports. This course will dive into this tricky area and provide a reporting guide for fiduciary accounting.
* To provide a working knowledge of the financial accounting rules for estates and trusts * Discuss planning and potential pitfalls
* Examine provisions of the Uniform Principal and Income Act * Mandatory and discretionary allocations and adjustments (did you know that depreciation is a Discretionary adjustment?) * Trustees ability to override the fallback rules * Review the contents of a proper set of trust accounting statements
Who Should Attend
Practitioners and members in industry seeking to gain a better understanding of fiduciary accounting of estate and trusts issues
Basic working knowledge of the tax return preparation.
Additional Event Information
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*NCACPA office hours are 9:00 amâ€“5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.
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CPE Select Pass Policies
The CPE Select pass is available only for NCACPA members and the price is applicable for an individual user. The pass includes access to on demand and webinar programs, but excludes webcasts, â€œhot topicâ€ webinars, and on demand Ethics programming. All eligible programs for the CPE Select pass will be marked in the online catalog and in promotions. Licensed CPAs who elect the student membership status must provide proof of enrollment in an advanced degree.
The CPE Select pass grants unlimited access to qualifying webinars and on demand programs on a calendar-year basis.
We anticipate a spike in webinar activity later in the calendar year, and NCACPA is not liable for third-party service outages that may occur. Please plan your CPE before 12/31 to avoid any unforeseen technology issues.
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