CPE Catalog & Events

Review an error-prone "staff-prepared" Form 1040 from client-provided information. Where do you start? Get to know your client and ask the questions Several new reporting issues for the reviewer to consider, including the main credit provisions as enacted under the American Rescue Plan What are common errors preparers make and what are the areas generating malpractice claims? The importance of engagement letters, questionnaires and 7216 permission statement Initial administrative groundwork Identifying organizing issues in the tax return to be reviewed Avoiding "willful blindness." Handling ethical and moral dilemmas Efficient review of certain advanced issues for income, adjustments, deductions and credits Effective procedures for delinquent clients, filing past-due tax returns First-time client issues requiring extra scrutiny Multiple checklists of efficient procedures to identify potential issues on a 1040 return Listing of schedules for staff to prepare to make a review easier, including basis issues for 1040 clients Reconciling time pressure with thoroughness and quality control Professionals acting professionally

CPA becoming attuned to broad based business knowledge, professional skepticism and subordination of judgment The future of medical care in the United States in a post COVID-19 environment Future of social security and impact on retirement planning and employee retention Impact on financial executive if the dollar is no longer the world currency "Fate of the States" - will the location of your business make you less competitive Future of workmen's compensation and unemployment compensation Future of interest rates Impact of greater reliance on technology AICPA top 10 trends and technologies National infrastructure ESG and DEI trends in the global economy Impact of continuing uncertainty in markets

Recourse debt allocations Constructive liquidation scenarios Nonrecourse debt allocations Minimum gains and nonrecourse deductions Section 704(c) gains Allocations under 704(c)

- Tax legislation passed by Congress. - New Treasury Regulations, Revenue Procedures, Revenue Rulings, Notices and so on. - Letter Rulings and Technical Advice Memoranda of interest to clients. - Court decisions that affect average taxpayers who retain the services of a CPA. - IRS Initiatives, Audit Technique Guides, Office of Professional Responsibility and other targeted programs. - Practice aids, checklists, examples and new forms.

How to Identify a Complex Trust and the Complications that Arise with Complex Trusts The Importance of Recognizing the Tier System used by Complex Trusts The Advantages and Requirements of the 65-day Rule Special Issues Related to the Charitable Contribution Deduction Use of a Checklist for Complex Trusts

Preparation, Compilations and Reviews

FASB Accounting Standards Codification disclosure requirements An overview of the disclosure landscape How materiality enters into disclosure decisions Navigating the FASB Codification

Payroll tax requirements for wages, including wages subject to the .9 percent tax, employee benefits and reimbursements, nonqualified deferred compensation, stock options and tips Fringe benefits issues, such as health insurance, life insurance, cafeteria plan benefits, accountable and non-accountable plans, standard mileage rates and per diem rates Special issues -- Using a common paymaster, how to file W-2s after a takeover, merger, or acquisition and state and local tax withholding Statutory employees, independent contractors and possible changes to 530 relief Penalties -- Who is a responsible person? Expenses and gross-up calculations Pension issues and payroll taxes including SIMPLE plans and 401(k) and pension distributions The Electronic Federal Tax Payment System (EFTPS) Forms I-9, W-9, W-2, 1099, 1099-NEC, SS-8 and940 Understanding payroll tax responsibilities in the gig economy

Trust obstacles and pitfalls Revoking irrevocable trusts Trust protectors Estate planning through trusts Tax planning with trusts INGs and IDGTs Asset protection through domestic and foreign trusts

Presentation of financial statements Statement of Cash Flows

Calculating DNI & the Distribution Deduction Determining Types of Distributions and Whether a Distribution "Carries Out" DNI In-Kind Distributions & the Impact on the Distribution Deduction Depreciation and the Distribution of In-Kind Property Distributions that Result in "Kenan Gain" Funding a Pecuniary Bequest with Depreciated Property IRC Sec. 643(e)

Changing Role of Financial Professionals: Priorities Change in mission Valued-added actions Strategic Measurements: Common errors and guidelines for improvement Balanced scorecard Strategy development and implementation Budgeting basics and next steps Risk Management: Recent lessons, including Black Swan events Defining Enterprise Risk Management (ERM) Implementation Developing a Financial Leadership Pipeline: Changing employment environment Retaining the right employees Compensation Hiring process Capital Projects: Types of projects Factors affecting capacity Valuation techniques Cash management M&A Activity: Current environment Controller's role Strategic questions Sample transactions Due diligence Implementation Introducing Improvements/Innovation: Getting started Establishing an environment Potential first projects Organizational structure

Timely coverage of breaking tax legislation Tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares At-risk and passive activity loss considerations Basis planning Related party transactions: making them work Income splitting and shifting with family can create considerable benefits Sale of ownership interest and NIIT considerations

Leadership Development Reactive Leadership Tendencies Relationships with Your Team

Understanding the risk-based program selection approach to identifying major programs The four-step major program determination process How to identify "not low-risk type A programs" and "high-risk type B programs"

SSARS No. 21, Clarification and Recodification and updates to SSARS No. 21 due to the issuance of SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services SSARS No. 22, Compilation of Pro Forma Financial Information SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services -- 2018 SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions SSARS No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services Sample comprehensive engagement work programs for preparation, compilation and review engagements Reporting and disclosure illustrations for each level of service, including attesting on personal financial statements, prescribed form, special purpose framework and other engagement variations Other communication requirements, such as sample engagement letters and management representation letters

Compare and contrast the tax consequences, opportunities and pitfalls of operating a business as a partnership, LLC, or S corporation Reporting Requirements for Schedules K-2 and K-3 Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election to tax return preparation, stock basis and loss limitation issues Recognize and properly handle special pass-through items of income and expense Accurately prepare S corporation returns and reconcile book income to taxable income Accurately prepare partnership returns and reconcile book income to taxable income What the transactional method entails and how to report partners' capital accounts under this method Properly handle the tax treatment of distributions to shareholders, partners, or members Understand the special restrictions and sanctions for tax year-end selection Review the basics of partnership and LLC formation and basis calculation Self-employment tax or NOT, for each entity Filling in K-1s correctly for S corporations, partnerships and LLCs. Major changes in K-1 reporting on both partnership and S corporation forms and content The most frequently used forms and schedules, including some form "oddities"

What's NEW for this year - Items all practitioners must know Form 1040 and Schedules 1 - 3 1099-K reporting requirements Qualified Business Income -- Coverage of 199A including the real estate safe harbor A tour of the most recent forms changes, starting from gross income and ending with selected credits, including the latest IRS guidance on significant recent tax legislation How will clients (and practitioners) interact with IRS in the future and how the pandemic is steering the IRS to ramp up with digital communication efforts Hot developments and current areas of interest Virtual Currency and Digital Asset Taxation Advanced practice, reporting and other issues intertwined with advanced planning and discussion ideas Form 6198 -- At-risk basis: Detailed case study and discussion of how this form is to be used and when it needs to be filed; learn how basis and at-risk basis are different and why this is significant Form 6252 -- Installment sale income: A common tax area; however, a case study and discussion of this topic includes advanced issues such as gain on reacquisition of installment sale property, including worksheets on calculating gain & tax basis of reacquired property Form 5329 -- Additional taxes on qualified plans: Advanced study of how to avoid penalties

Challenges of marketing CPA firms Developing marketing strategy Elements of a marketing plan Example: CPA firm marketing plan Marketing regulatory/AICPA issues Picking the right marketing channels Marketing channel statistical analysis Developing marketing metrics

The causes of burnout in the accounting profession Effects of burnout on employee well-being Strategies to protect employee well-being in a highly demanding profession Organizational costs associated with employee burnout Tools used to measure employee well-being