S34-Good Trust Accounting Insures Better Trust Returns

Friday, June 28 | 1:20 pm - 3:00 pm
Track: Trusts
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Vicki L. Mulak, EA, CFP®

Description: Trust accounting is not the same as accounting for tax return purposes. A trust income tax return is calculating income and deductions to be reported by two taxpayers, i.e., the fiduciary and the beneficiaries. Once you understand the concept of net income, which will be retained at the fiduciary level, and net income that becomes part of distributable net income or DNI. This session will explore trust accounting and the tax returns involved for commonly-encountered trusts such as administrative trusts, bypass trusts and special needs trusts.

Learning Objectives:                
1. Learn to recognize the difference between trust income retained and income to be distributed
2. Understand how QuickBooks can be utilized for many trust accounting scenarios
3.  Develop increased confidence in preparation of commonly-encountered trust returns

Learning Level: Intermediate

Prerequisites: None 

Advanced Preparation: None