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Thursday, November 4, 2021 Live Webcast

Fiduciary Accounting and Tax Issues of Estates and Trusts (E2111161)

9:00 AM - 4:30 PM EDT

Registration: 8:30 AM EDT

webcast

Vendor Platform

8.0 CPE Credits in AA

OVERVIEW

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.

DESIGNED FOR

All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts.

BENEFITS

  • 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

HIGHLIGHTS

  • 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 apply 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 LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

John Sherrick

John M. Sherrick, CPA, MA

Surgent Professional Education

John N. Sherrick, MA, CPA John N. Sherrick is a partner of Sitrick & Associates, LLC in Bettendorf, Iowa. John prepares tax returns and financial statements for closely held companies and their owners. He also provides a variety of income tax, retirement, and estate-tax planning services for his clients. John also serves as an expert witness for business valuations and other tax and accounting issues. John has over 35 years of experience in public accounting with local firms. His experience includes a wide variety of tax and accounting issues for small businesses in a number of industries. John also has had experience in auditing and taxation of not-for-profit organizations on the local and national level. John received his bachelor’s degree in economics and business administration from Knox College in Galesburg, Illinois. He then received his master’s degree in accounting from the University of Iowa, Iowa City, Iowa. John holds CPA certificates in both Iowa and Illinois and is a member of the AICPA, the Iowa Society of CPAs, and the Illinois CPA Society.

PRICING

$289.00 - Member

$439.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

AREAS OF INTEREST