2 Credits: Taxes
Unlike most tax returns we are engaged to prepare, trust returns rely on a knowledge of state law and a thorough familiarity with the client’s specific trust agreement. Although not a specialist, you may be asked to assist a client’s family with the return for their estate or trust. In this course we will go over the basic information and distinguish between the state law concept of trust accounting income and the tax concept of distributable net income.
Upon completing this course, participants will be able to:
- Analyze whether the trust is Simple or Complex
- Recognize the conflicts between the income beneficiary, the ultimate beneficiary and the fiduciary/trustee
- Determine the all-important Distribution Deduction
- Understand the allowable income tax deductions and their limitations
May 18, 2022
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02016-22-O
IRS Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1752
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
Mary Kay Foss CPA is a frequent lecturer for professional and business groups. She has over thirty years of practical experience advising about retirement, income and estate planning issues. Ms. Foss is a member of the AICPA Individual and Self-Employed Technical Resource Panel, past chair of the AICPA Trust Estate and Gift Tax Technical Resource Panel and past chair of both the Estate Planning and the Taxation Committee of CalCPA. She is also past president of the Estate Planning Councils of Diablo Valley and East Bay and the East Bay Chapter of CalCPA. She teaches classes for CalCPA and has …