Fiduciary Accounting Part 2: Tools, Rules and Relationship to Tax 2024
2.00 Credits
Member Price $89
Non-Member Price $119
Overview
To properly account for estates and non-grantor trusts, an advisor must understand the statutory requirements to account, the proper classification of revenue and expenses in a chart of account and the importance of provisions in the estate planning document. Additionally, the differences and similarities to fiduciary taxation must be understood.
Highlights
- Setting up a chart of accounts
- Reviewing the estate plan
- Distinguishing between "income" and "principal"
- Understanding the relationship of fiduciary accounting to fiduciary taxation
Prerequisites
Fiduciary Accounting Part 1: Fiduciary Duty Basics & Authority - UPIA (UFIPA) 2023
Designed For
CPAs and financial professionals.
Objectives
- Determine fiduciary accounting from the entity's financial records
- Recognize whether a receipt or disbursement is income or principal
- Identify the distribution provisions in the estate plan
Preparation
None
Leader(s):
Leader Bios
Jacqueline Patterson, CalCPA Education Foundation
Jacqueline A. Patterson, JD, MBT, CPA, is a partner in the Los Angeles based firm of Haney, Buchanan & Patterson, LLP. She is a member of the California State, Los Angeles, and Beverly Hills Bar Associations. Ms. Patterson has written and facilitated full day tax seminars in the areas of corporate taxation, the income taxation of trusts and estates, tax research and planning, real estate transactions, charitable trusts and received the Foundation’s Meritorious Service Award in 2000.
Non-Member Price $119
Member Price $89