**This event is a rebroadcast of the LIVE event which was originally held December 15, 2010. Steven B. Gorin will return for a live audience Q&A session.**
Everyone knows that Trusts come in two flavors: Simple and Complex. There are different ways of calculating the trust accounting income for each. The laws vary from state to state making it challenging for CPA’s to keep up on the latest changes to the law. Trust Accounting Income: The Fundamentals LIVE Webcast has been designed to give CPA’s a solid foundation when it comes to addressing critical issues. Our panel of key thought leaders and experts will guide you through the important issues surrounding Trust Accounting Income including:
- Making the calculations
- Key issues to consider
- Best practices
- Up to the minute regulatory updates
- State by state comparisons
Joining this webcast will give you a solid understanding of the key issues that you must be aware of when dealing with Trust Accounting Income. This webcast will help you advise your clients with confidence and authority. To register for this important event please click the “Register” button below. Hurry as class size is limited.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 103994
James C. Calzaretta
Partner
Steven B. Gorin
Partner
Jacqueline A. Patterson, Esq.
Founding Partner
James C. Calzaretta, Partner, Deloitte Tax LLP
1. Discussion of fiduciary duty, its relevance and how it may impact the calculation of trust accounting
income.
2. Discussion of relevant authority, governing instrument, state law and UPIA
3. Discussion of the interplay between TAI and tax items such as DNI and taxable income.
4. Discussion of more important UPIA provisions (distributions from entities, tax distributions from
entities, power to adjust)
Jacqueline A. Patterson, Esq., Founding Partner, Haney Buchanan & Patterson, LLP
1. The duty to account as a fundamental obligation of the trustee
2. The duty of impartiality among and between beneficiaries
3. The importance of the Chart of Accounts
4. The allocation of receipts and disbursements between income and principal
5. Tax allocations that are based on fiduciary accounting income
Steven B. Gorin, Partner, Thompson Coburn LLP
Uniform Law Commission amended Section 505 of the Uniform Principal & Income Act (the “UPIA”)
1. Concerns Underlying the UPIA Section 505 Changes
- Income Tax Rules Governing Business Entities
- Income Tax Rules Governing Trusts
2. Explanation of the UPIA Section 505 Changes
3. Advising Clients about the UPIA Section 505 Changes
- Why This Difficult Situation Arises
- Marital Deduction Mandatory Income Requirement
- Future Income Expected
- Post-Mortem Business Sale Expected
- What The Trustee Must Do To Alter The Trust’s Investments If The Trust Agreement Does Not
Address The Issue
- How To Minimize Disputes About What The Trustee Should Do
4. SECTION 505. INCOME TAXES.
- Finance Manager
- Finance Executive & Director
- Finance Officers
- Trust & Tax Attorneys
- Accountants & Consultants
This is a must attend event to anyone interested in having full understanding about Trust Accounting Income.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A