Fundamentals of Trust Accounting Income
and Principal Rules under the
Revised New York State Laws
By SEYMOUR GOLDBERG, CPA, MBA, JD
The New York State Society of CPAs is pleased to announce the availability of Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws. This product is a download file in PDF format. The download is being processed by Brentmark Software whose name will appear on your credit card statement.
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Fundamentals of Trust Accounting Income and Principal Rules
under the Revised New York State Laws
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In addition, the significant changes in the definition of accounting income under New York 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 190 plus page guide (updated in 2009) contains over 125 examples and
includes coverage of such issues and materials involving:
The Uniform Principal and Income Act (UPAIA) and its application to old and new trusts
The accounting rules mandated by the UPAIA
Optional accounting adjustments under the UPAIA
The effective date of the UPAIA
The Power of Adjustment (transferring income to principal or vice versa)
The 4% Unitrust Option
Distributable net income and capital gains – yes or no
Must the accountant and/or attorney know the state law rules
Ignorance is bliss, or is it malpractice!
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.He is the author of several manuals for the American Bar Association and the American Institute of Certified Public Accountants on the trust accounting rules and the taxation of retirement distributions.
Click the following link for
information on another product that may be of interest:
New York Trusts and Estates: What the Practitioner Must Know