Fiduciary Taxation Part 2: Fiduciary Accounting & Simple Trusts 2024

Objectives:

• Determine the importance of understanding fiduciary accounting and the special issues with simple trusts • Recognize the authority for determining fiduciary accounting • Identify "Income" and "Principal" and the tax treatment of simple trusts

Major Topics:

• Review the Basic Concept of Fiduciary Duty • Review the Basic Concept of Fiduciary Accounting • Use of a Diagram to Distinguish Income and Principal • Calculating Fiduciary Accounting Income • Requirements of a Simple Trust • Problem Example Spreadsheets Reflecting Fiduciary Accounting and Taxation of Simple Trusts as well as how Depreciation is Handled by a Fiduciary Entity • Problem Examples Reflecting a Completed Form 1041 using Spreadsheet Calculations for Fiduciary Accounting and Taxation of Simple Trusts

Major Topics:

• Review the Basic Concept of Fiduciary Duty • Review the Basic Concept of Fiduciary Accounting • Use of a Diagram to Distinguish Income and Principal • Calculating Fiduciary Accounting Income • Requirements of a Simple Trust • Problem Example Spreadsheets Reflecting Fiduciary Accounting and Taxation of Simple Trusts as well as how Depreciation is Handled by a Fiduciary Entity • Problem Examples Reflecting a Completed Form 1041 using Spreadsheet Calculations for Fiduciary Accounting and Taxation of Simple Trusts

Designed For:

Tax practitioners, accountants and financial professionals.

Prerequisites:

Fiduciary Taxation Part 1: Introduction to Form 1041