2024 Fiduciary & Tax Accounting Guide for Estates and Trusts
4.00 Credits
Member Price $129
Non-Member Price $159
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
Leader(s):
Leader Bios
Douglas Van Der Aa, Federal Tax Workshops
Doug Van Der Aa, CPA, J.D., has been a discussion leader for Federal Tax Workshops, Inc., for the past 10 years. He has extensive experience in leading discussions in conferences, seminars and webinars. Doug has over 20 years of experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. Formerly, Doug was a tax manager with Hungerford, Aldrin, Nichols & Carter, P.C. in Grand Rapids, Michigan, where his practice concentrated on the tax needs of mid-sized closely held businesses, with their related pass-through entities, complex individual returns including AMT issues, together with their estates and trusts.
Non-Member Price $159
Member Price $129