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Trust Accounting 
Annual trust accounting is often overlooked.
It is important to recognize that trustees have a fiduciary responsibility to trust beneficiaries to protect trust assets and properly execute terms of the trust. Many trust documents require that the trustee provide an annual accounting to beneficiaries. The annual trust accounting is essentially a financial statement that is a formal means to communicate to the trust beneficiaries, the detail of financial activities (income, expenses and distributions) as well as trust asset values.
The trust accounting is a valuable financial document that helps to ensure that trust terms are carried out, assists the trustee in the management and administration of trust assets, provides a formal communication to trust beneficiaries and can help to avoid conflicts between beneficiaries and trustees. If you are the trustee or beneficiary of a trust and would like to know more about your obligations or rights regarding a trust accounting please give us a call.
-- Bruce J. Legawiec, CPA |
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October 2010
Client Satisfaction is Our Top Priority
PSO is committed to achieving the highest possible level of client satisfaction. To accomplish this goal, the firm needs your input. Specifically, PSO would greatly appreciate you providing us with feedback by completing a brief, five-question questionnaire.
Please click on either the Client Survey or Non-Client Survey links below:
Click Here to Take Our Client Survey
Click Here to Take Our Non-Client Survey
Please respond to this questionnaire by Friday, October 29, 2010. Your responses are confidential, and the results will be analyzed independently by The Cuff Group, a management consulting firm.
Thank you in advance for your cooperation and assistance. |
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Converting Traditional IRA to Roth IRA
As we come to the end of the year, many individuals are considering converting their Traditional IRA into a Roth IRA. One of the primary reasons for doing this is that for 2010 only, taxable income resulting from these conversions is allowed to be deferred until 2011 and 2012.
However, special attention should be given to this option, due to the uncertainty of income tax rates for 2011 and 2012. Individuals should consult with their tax professional to evaluate the advantages and disadvantages of a Roth IRA conversion in 2010.
-- Pedro T. Rincon, CPA, CVA |
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Our clients are our top priority. Please contact us if you have any questions regarding our customer satisfaction survey or any tax matters affecting you, your business, and your family.
Peterson Slater & Osborne
(760) 777-9805 |
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IRS CIRCULAR 230 DISCLAIMER: Pursuant to regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries and appraisers before the Internal Revenue Service, unless otherwise expressly stated, any U.S. federal or state tax advice in this communication (including attachments) is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of (i) avoiding penalties that may be imposed under federal or state law or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein |
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