Taxation
Berdon’s Fiduciary Accounting Service offers a group of experienced tax professionals — most are also attorneys, personal financial specialists, or fiduciary accountants — with a deep understanding of the rules and complexities of preparing fiduciary accountings. We work closely with the fiduciary’s attorney to ensure that all interested parties are provided with informative accounting schedules.
Our professionals gain an in-depth understanding of the client’s Big Picture — business interests, tax and financial situations — so we can consider the overall tax and economic implications of each transaction as we prepare the accounting. Berdon's fiduciary team is skilled at:
analyzing the appropriate allocation of distributions from the business entities between income and principal
setting up a reserve for depreciation
reconciling loans and distributions between the trust or estate and the business entities
deciphering complicated, disorganized, and incomplete financial records to prepare useful and understandable accountings and reports
uncovering new planning opportunities
advising on compliance with The Prudent Investor Act, The Principal And Income Act, and similar legislation
incorporating fiduciary accountings with an array of estate and trust administration services, among them planning and preparing federal and state estate and gift tax returns, fiduciary income tax returns, and the decedent’s final personal income tax returns.
Compliance
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