Accounting and Tax Planning for Estates and Trusts (4 hours)

This program gives an introduction to fiduciary (book) accounting, the allocation of receipts and disbursements between income and principal under the Uniform Principal and Income Act, including how it impacts the calculation of the income distribution deduction for complex trusts on the Form 1041. Critical issues concerning preparing client's Form 1041 will be addressed, with a focus on the impact of the new Section 199A 20% deduction on trusts, estates and beneficiaries.

Upon completion of this course, you will be able to:

• Identify financial accounting, tax rules and guidelines of estates and trusts
• Determine potential pitfalls and planning ideas

• Introduction to fiduciary accounting
• Distinction between "income" and "principal"
• Discuss Uniform Principal and Income Act
• 2019/20 rates and brackets
• Section 199A pass-through income