Fiduciary Accounting Part 1: Fiduciary Duty Basics & Authority-UPIA (UFIPA) 2024

Overview

Advisors 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. 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.

Highlights

• 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?

Prerequisites

None

Designed For

CPAs and financial professionals

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

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.