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