EST2303P. Trust Accounting Income vs DNI vs TI

This session will cover:

1. Form 1041 continues to prove a challenge to even the most seasoned tax practitioners. 
2. However, to develop a clear understanding of how the fiduciary entity is taxed, you must understand the multiple authorities involved.
3. Developing an approach to managing the calculations that result from the different authorities takes away some of the confusion even in periods when the tax laws change.
4. Simple schematics and spreadsheets are provided that can be used in conjunction with your Form 1041 software.

Learning Objectives:

• Recall the steps to calculating Distributable Net Income (DNI) and the Distribution Deduction.
• Identify how to assemble and manage tax and accounting information in a simple spreadsheet.
• Recognize the complications that result from the different authorities and disciplines in fiduciary taxation.
• Identify the difference between basic fiduciary accounting and taxation.