Fiduciary Accounting Part 2: Tools, Rules and Relationship to Tax 2024

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.

Presenters - Jacqueline A. Patterson

Designed For: CPAs and financial professionals.

Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Sole Practitioner

• 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

• Setting up a chart of accounts
• Reviewing the estate plan
• Distinguishing between "income" and "principal"
• Understanding the relationship of fiduciary accounting to fiduciary taxation

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