Fiduciary Accounting and Tax Issues of Estates and Trusts

You Pay: $379.00
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This course is 8.00 credits
Joel Bernstein
Facility Name
Four Points by Sheraton Norwood
Facility Address
1125 Boston Providence Tpke
PO Box 9102
Norwood, MA 02062-5001
Fields of Study
Accounting, Tax
Course Level
Surgent McCoy CPE LLC


Joel Bernstein

Joel A. Bernstein is a trust and estates attorney. In addition, he has been instructing continuing professional education seminars and other presentations for 17 years, and has led over 300 discussions. He incorporates real-life examples and a historical perspective to interpret tax and law concepts and he consistently receives high evaluations for knowledge and presentation skills. He is listed in the 112-year-old national treatise, Loring and Rounds: A Trustee's Handbook, for his work. Mr. Bernstein has served as a technology editor for the American Bar Association's Probate and Property journal and has written for other national journals on the economics of law. Also, he formerly served as a governor for the American Academy of Estate Planning Attorneys. In addition, he has significant experience in creating wills and trusts, having written over 1800 since 1992. He has served as major lecturer for the non-profit Foundation for Continuing Education. Mr. Bernstein is a graduate of Western New England School of Law, and also has earned a Masters of Law in Taxation from Boston University.
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Wednesday, Dec 18, 2019
8:45am – 4:30pm

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.

Designed For

All practitioners who wish to learn about the complex and unique accounting issues for estates and trusts

Course Objectives

Learning Objectives:  Distinguish fiduciary accounting income from taxable income and distributable net income  Account for distributions for accounting and tax purposes  Identify how the fiduciary income tax return differs from individual income tax  Understand state law on principal and income

Major Subjects

Major Topics:  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




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