2024 Fiduciary & Tax Accounting Guide for Estates and Trusts

Wednesday, December 11, 2024
Webcast or Webinar, Online
4:00 PM - 8:00 PM (opens at 3:30 PM) EST
4Credits
Accounting and Auditing and Technical Business

Registration is Open

Members
$129.00 Regular Price
Non-Members
$159.00 Regular Price

CPE PowerPass Users

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$80.00 Members / $112.00 Non-Members
Course Type: Webcast
Course Code: 24/AC122623
Level: Intermediate
Vendor: ACPEN
Field of Study: Accounting, Taxes

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. 

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

Major Topics:

  • 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

Major Topics:

  • 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

Designed For:

Practitioners and members in industry seeking to gain a better understanding of fiduciary accounting and tax rules of estate and trusts

Prerequisites:

Basic working knowledge of estate and trust tax rules