August 15, 2018


City of Pelham Pelham Civic Complex

8 Total CPE Credits


Comprehensive Accounting Issues of Estates and Trusts: Fiduciary Accounting and Tax Issues

  • Instructor

    Michael Frost

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 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

CPE Credits Available

Total CPE
Accounting & Auditing

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • A & A


Basic knowledge in estate and retirement planning

Advanced Preparation


Intended Audience

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


Surgent McCoy CPE

This event has ended.