Typically, trustees and executors must account annually while conservators and guardians account every two years. Few attorneys and CPAs who represent fiduciaries understand how to prepare and present fiduciary accountings. Explore differences between fiduciary accounting and tax and financial accounting.
Real-world examples will be used to move from basic concepts of fiduciary accounting to more complicated aspects of the Uniform Principal and Income Act; and discuss techniques for highlighting the fiduciary’s good deeds while mitigating the bad. Also, explore fiduciary fees and the challenges CPAs face when they serve as trustees.
Determine how to produce the summary of account and each supporting schedule.
Recognize California’s Uniform Principal and Income Act.
Recognize when the fiduciary’s records reveal a breach of trust.
Determine how to get the records you need to do the job you were hired to do.
CPA responsibility when preparing a fiduciary accounting
Record keeping and accounting duties of executors, trustees, agents, etc.
Depreciation and depletion in trust and estate accounting
Weird assets: options, derivatives, timber and IRAs
Court vs. noncourt accountings
CPAs, attorneys, trustees and trust administrators.