Fiduciary Accounting and Tax Issues of Estates and Trusts
Total Credits: 8 including 8 Accounting - Technical
- Average Rating:
- 6
- Categories:
- Accounting and Auditing | Partner Produced | Tax
- Faculty:
- Michael A. Frost, CPA
- Course Levels:
- Basic
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 40 day(s) after program date.
Description
Fiduciary income tax is a complex blend of state accounting rates 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.
Basic Course Information
Learning 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
Major Subjects
- 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
Course Materials
Faculty
Michael A. Frost, CPA Related Seminars and Products
Mike Frost, CPA, of Albertville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office.
Mike has 27 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy.
Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa.
Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA
Additional Info
Basic Course Information
Prerequisites NoneDesigned For All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts
Original Recording Date 11/12/2019
Yellow Book No
Course Developer Surgent McCoy
Date Added to Catalog 03/29/2019
Additional Information
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Group Internet Based
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