Webinar

Fiduciary Accounting Part 1: Fiduciary Duty Basics and Authority

If you have questions about this event, please call us at 952-831-2707.

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Advisers who represent fiduciaries must understand the tax laws and the accounting rules that apply when a fiduciary accepts title to fiduciary assets. Because a trustee or personal representative exercises authority over the management and investments of fiduciary assets for the benefit of the named beneficiaries, the fiduciary is held to a very high standard of "fiduciary duty." In this webinar series, we'll review the concept and requirements of fiduciary duty and the duty to account to the beneficiaries (UPIA/UFIPA). we'll also cover crucial fiduciary accounting concepts that differ from financial accounting or tax law, including the distinction between principal and income and state statutory accounting rules. Finally, we'll analyze the differences and similarities to fiduciary taxation.

Major subjects

• What is fiduciary duty, and how does it apply to a trustee or personal representative?
• What are the state statutory accounting rules, and where can you find them?
• What is fiduciary accounting income?
• What is fiduciary account principal?
• How does fiduciary accounting impact fiduciary taxation?

Learning objectives

• Recognize the importance of understanding fiduciary accounting and its relationship to fiduciary taxation
• Determine how to calculate fiduciary accounting income
• Identify the difference between income and principal
• Recognize fiduciary accounting as responsibility accounting
• Recognize the difference between probate accounting and trust accounting

Who should take this program?

• CPAs and financial professionals

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $129.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.