Total Credits: 4 including 4 Accounting - Technical
Financial accounting for trusts and estates is one of the least understood branches of accounting. Fiduciary accounting is not particularly concerned with recording income and expenses, but is obsessed with determining whether receipts and expenditures are assigned to income or principal/corpus. Only after that is known can the Trustee begin to make their required and discretionary distributions to beneficiaries. However, very few non-corporate trustees have any idea of what is required for proper trust accounting and reports. This course will dive into this tricky area and provide a reporting guide for fiduciary accounting.
* Apply a working understanding of fiduciary accounting for estates and trusts
* Gain a working knowledge of the rules as they relate to fiduciary accounting
* Discuss planning and potential pitfalls.
*Examine provisions of the Uniform Principal and Income Act
* Mandatory and discretionary allocations and adjustments (did you know that depreciation is a Discretionary adjustment?)
* Trustees ability to override the fallback rules
* Review the contents of a proper set of trust accounting statements
Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
Fiduciary Accounting_Slides (0.86 MB) | Available after Purchase |
Fiduciary Accounting_Q&A (18.8 KB) | Available after Purchase |
Doug is a lively and energetic speaker – especially on the subject of taxes and ethics. He has been a highly rated speaker and seminar leader for CPA Associations and other organizations throughout the country for more than 18 years.
Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts.
Doug taught for 12 years as an Adjunct Instructor and for one year as Assistant Professor of Accounting and Taxation for Grand Valley State University’s Seidman College of Business, where he taught in both the undergraduate and MST programs. He earned his Bachelor of Arts degree with a major in accounting from Dordt College and his Juris Doctor from the University of Illinois College of Law.
Doug is an avid sailor and lives with his wife Mary and three children in Byron Center, Michigan.
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
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