The field of fiduciary accounting and taxation has been in transition for the past several years with updated fiduciary accounting rules and the increased tax cost of accumulating income in a non-grantor trust. The changes in the income tax rate structure both at the Federal and state levels have pulled income tax planning forward as a prime objective for estate planners and the rules and understanding of fiduciary accounting continue to be in a state of development and challenge. It is an understatement to say that fiduciary accounting and taxation has entered a new and very different phase of complexity and change. We will explore many of these issues in Parts 1-4 of Form 1041 Workshop.
• Review Issues and Updates for Fiduciary Entities • Develop an Approach to Fiduciary Accounting and Taxation
• Recognize the Tax Cost of Accumulating Taxable Income in a Trust
• Develop a modeling spreadsheet to track all the numbers
• The Need to Understand the Necessary Calculation for the Multiple Authorities • Modeling to Minimize the Tax Cost to the Trust while Maintaining the Grantor’s Intent
• Deep Dive into IRC Secs. 67(e) & 67(g)
Tax practitioners, accountants and financial professionals.
An understanding of the basics of Form 1041, fiduciary accounting and taxation
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