Fiduciary Accounting & Tax Planning for Estates & Trusts WEBCAST
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. Trust accounting. 3. 8% Net Investment Income. Form 1041 - Schedule I. Section 645 Election. Simple or complex trusts.
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.
Notice
None.
Leader(s):
Leader Bios
Douglas Van Der Aa
Doug Van Der Aa is a Tax Manager for the Grand Rapids, Michigan firm of Hungerford, Aldrin, Nichols & Carter, PC, CPAs and Consultants, where he specializes in the preparation and review of individual, corporate, estate, trust and partnership tax returns for small and mid-sized businesses; acquisition, and reorganization and financing of corporations, limited partnerships and limited liability companies; complex commercial real estate transactions (Section 1031 tax-free exchanges, leasing, purchase/sale); tax research and planning. Over the past 10 years, Doug has taught several accounting and tax courses for Grand Valley State University, Hope College and Davenport University, as well as served as a speaker for the Michigan Association of CPAs. Doug received his B.S. in accounting from Dordt College and his Juris Doctor from the University of Illinois. He is a member of the MACPA, Michigan State Bar, AICPA and the Economic Club of Grand Rapids.
Non-Member Price $159.00
Member Price $129.00