By SEYMOUR GOLDBERG, CPA, MBA, JD
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Fundamentals of Trust Accounting Income and Principal Rules under
the Massachusetts Principal and Income Act
as a PDF file for $69.
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Product
Description:
Many practitioners are not familiar with the trust laws that apply to trusts
that are subject to Massachusetts state law. If you prepare trust returns,
you have to be aware of the definition of accounting income and its application
to a tax reporting position.
In addition, the significant changes in the definition of
accounting income under Massachusetts state law grants the trustee certain
discretionary rights in determining the amount of accounting income that is
payable to an income beneficiary.
As a professional, you should become aware of the trust
rules if you are involved in preparing trust tax returns or income tax returns
for a trust beneficiary.
This 140 plus page guide contains over 70 examples and
includes coverage of such issues and materials involving:
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The
Massachusetts Principal and Income Act (MPAIA) and its application to old and new
trusts
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The
accounting rules mandated by the MPAIA
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Optional
accounting adjustments under the MPAIA
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The
effective date of the MPAIA
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The
Power of Adjustment (transferring income to principal or vice versa)
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Distributable net income and capital gains – yes or no
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Must the
accountant and/or attorney know the state law rules
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Ignorance is bliss, or is it malpractice!
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Opting
out of the state law provisions
SEYMOUR GOLDBERG, CPA,
MBA, JD, is a senior partner in the law firm of
Goldberg & Goldberg, P.C., Jericho,
New York. He is Professor Emeritus of Law and Taxation at Long Island
University. Mr. Goldberg is the recipient of the American Jurisprudence
Award in Federal Estate and Gift Taxation from St. John's University School of
Law. As an instructor for the Foundation For Accounting Education and the
American Institute of Certified Public Accountants, Mr. Goldberg has taught many
CPE courses on trust accounting and taxation at the state and national level and
has taught CLE courses for the New York State Bar Association and local bar
associations. He is the recipient of outstanding discussion leader awards
from both the American Institute of Certified Public Accountants and the
Foundation For Accounting Education. He was formerly associated with the
Internal Revenue Service. Mr. Goldberg has been quoted in the New York
Times, Forbes, Fortune, Money, U.S. News & World
Report, Business Week, The Wall Street Journal and the Tax
Hotline. He has also been interviewed on CNN, CNBC and WCBS. He
is a member of the IRS Northeast Pension Liaison Group and has been involved in
conducting continuing education outreach programs with the IRS on the retirement
distribution rules.