Comprehensive Accounting Issues of Estates and Trusts: Fiduciary Accounting and Tax Issues (SMAA52)

Thursday, July 13, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce

Description

Fiduciary income tax is a complex blend of state accounting rules 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.

Objectives

  • 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

Cost

Early Bird Registration: $289 SCACPA Members (by 6/22/2017)
Standard Registration: $314 SCACPA Members, $414 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Major Topics

  • 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

DETAILS

Course Code:
SMAA52

Credits:
8.00 Accounting

Field of Study:
Accounting, Auditing

Vendor:
Surgent McCoy CPE, LLC

Course Type:
Seminars

Level:
Basic

Prerequisite:
Basic knowledge in estate and retirement planning

Advanced Preparation:
None

Location

1300 12th Street, Suite D, Cayce, SC, 29033

 

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