2024 MSCPA Annual Convention: Details

Fiduciary Taxation Part 2: Fiduciary Accounting & Simple Trusts 2024

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Thursday, June 6, 2024 @ 12:00pm 2:00pm
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Description

During part 2, of this 4-part series, we'll focus on the concept of fiduciary accounting and its relationship to fiduciary taxation. It also addresses the identification of a "simple trust" for purposes of taxation. Problem examples will cover both the calculation of fiduciary accounting and the taxation of simple trusts through the use of an excel spreadsheet that translates to a completed Form 1041.

Prerequisites

Fiduciary Taxation Part 1: Introduction to Form 1041

Highlights

• Review the Basic Concept of Fiduciary Duty • Review the Basic Concept of Fiduciary Accounting • Use of a Diagram to Distinguish Income and Principal • Calculating Fiduciary Accounting Income • Requirements of a Simple Trust • Problem Example Spreadsheets Reflecting Fiduciary Accounting and Taxation of Simple Trusts as well as how Depreciation is Handled by a Fiduciary Entity • Problem Examples Reflecting a Completed Form 1041 using Spreadsheet Calculations for Fiduciary Accounting and Taxation of Simple Trusts

Objectives

• Determine the importance of understanding fiduciary accounting and the special issues with simple trusts • Recognize the authority for determining fiduciary accounting • Identify "Income" and "Principal" and the tax treatment of simple trusts

Preparation

None

Credits

Category Amount
Taxation 2.00