Fiduciary Accounting and Tax Issues of Estates and Trusts Webcast
Nov 11 8:00 - 4:00 p.m.
Online
2-A&A; 2-Tax; 2-A&A; 2-Tax CPE Credits
Fiduciary income tax is a complex blend of state accounting rates and the tax law of Subchapter J. Only by understanding this interaction can the practitioner acquire the skills and knowledge to provide income tax planning for an estate or trust and its beneficiaries, sure to be an important skill in practice in the new income tax environment. Highlights
Review of major legal and tax concepts
Concepts of fiduciary accounting: Principal and income
The Uniform Principal and Income Act: how specific state laws on principal and income applied to common expenditures and receipts
How fiduciary accounting determines the timing and amount of distributions
The crucial differences between fiduciary accounting and tax accounting
Distinguishing fiduciary accounting income from distributable net income
Splitting income between the fiduciary and the beneficiaries: distributable net income
How to set up an accounting system for an estate or trust, prepare a judicial accounting, and record-keep for fiduciary accounting
How practitioners can handle audits of estates and trusts
Various exercises and problems
Registration
PICPA Member: $259 Nonmember: $359
More Information
Course No. 713100Level: Basic
Prerequisites:
None
Notes
This is a 8 credit webcast
Speaker(s)
Don Cochran
Don Paul Cochran, JD, CPA, CFP®,
CRC®Don Cochran
is a solo practitioner in Apple Valley, Minnesota. His 30 years of
practice has been focused primarily in the areas of small business legal
and tax consulting, and individual tax, estate, and financial
planning.Don has
practiced law in both Iowa and Minnesota, was a CPA with the Small and
Emerging Business practice of then Big 8 accounting firm, Touche Ross, in
Bloomington, Minnesota, and was the Vice President of Tax and CFO with
various privately and publicly held companies. He also served as an
advanced sales consultant with Securian Financial, Nationwide Financial,
and Pacific Life Insurance Company. He developed and provided continuing
education on tax and legal planning strategies for small to medium size
businesses and wealthy individuals, and worked with insurance wholesalers
and financial advisors to understand and implement financial strategies
geared towards asset preservation and income in retirement.Don earned his
undergraduate degree, a Bachelor of Science in General Science, from the
University of Iowa, Iowa City, Iowa, and graduated from the University of
Iowa College of Law with his Juris Doctorate. In addition to being an
attorney and Certified Public Accountant, he maintains his designations as
a Certified Financial Planner® and Certified Retirement Counselor®. He is
a member of the Minnesota and Iowa State Bar Associations, and the
Minnesota Society of CPAs.