CPE Catalog & Events

Typical provisions in state statutes regarding domicile and residency In depth analysis of domicile and residency definitions Issues regarding one’s permanent abode Analysis of jurisdiction where taxpayer has the greatest connections Detailed discussion of criteria used to establish domicile and residency

Auditor independence and its importance to the public accounting profession Common threats to auditor independence AICPA’s framework for assessing conflicts of interest Unique threats related to non-attest services to attest clients Common safeguards to help assure compliance with relevant rules and regulations

What does practicing before the IRS mean? Who may practice before the IRS? What should a tax preparer do if he or she has knowledge of a client's omission of income from a tax return? May a tax preparer rely on the work of other tax return preparers? May a tax preparer rely on and use client-provided information? Standards associated with giving advice to clients Abolition of the disclaimer requirement When must a tax preparer examine a client’s books and records?

What are ethics? Why study ethics? Ethical responsibilities of CPAs Professional code of ethics and conduct AICPA Codification – updated Ethical dilemmas CPA vision Real disciplinary cases to illustrate critical points

SAS 142, Audit Evidence (recently issued) Relevance and reliability of audit evidence Sources of evidence Audit procedures Evaluation of tests of controls Evaluation of sufficiency and appropriateness of evidence

The Yellow Book’s general requirements and application guidance related to independence The conceptual framework used for making independence determinations Requirements and guidance for auditors providing nonaudit services The Yellow Book documentation requirements related to independence

ASU No. 2016-02, Leases (Topic 842) Overall lease accounting guidance Lessor Accounting 101 Lessee Accounting 101 Detailed review of accounting by lessees and lessors Sale and leaseback transactions Transition guidance Other operational issues Recently issued updates to the lease accounting guidance FASB guidance on accounting for COVID-19-related rent concessions Feedback from the public company adoption of Topic 842

ASU No. 2016-02, Leases (Topic 842) Overall lease accounting guidance Lessor Accounting 101 Lessee Accounting 101 Detailed review of accounting by lessees and lessors Sale and leaseback transactions Transition guidance Other operational issues Recently issued updates to the lease accounting guidance FASB guidance on accounting for COVID-19-related rent concessions Feedback from the public company adoption of Topic 842

Demonstration in Excel: where to locate the data tools of Power Query and Power Pivot Data skills demonstrated: data preparation and data modeling Demonstrations in Power Query – the Extract Transform and Load tool for data preparation of the Power BI ecosystem, including data sources Power Query can connect to; transformations; load options; operations; and sample of use cases Demonstrations in Power Pivot, the data modeling tool of the Power BI ecosystem, including query organization; custom columns; parameters; and database capabilities

FASB Accounting Standards Updates issued in 2020 and 2021 to date Items on which the PCC is consulting  Projects on the FASB’s Technical Agenda

Private company standard setting activities FASB Accounting Standards Updates (ASUs) relevant to smaller businesses Lease accounting implementation guidance ASC 326, Credit Losses Accounting for income taxes Accounting for debt instruments

Recently issued FASB Accounting Standards Updates Implementation issues related to ASC Topic 842, Leases

Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses Proper W-2 preparation and procedures in the year of death Taxpayer passes before taking a required minimum distribution; what must be done?  Forgetful fiduciaries of simple trusts Fluctuating trusts – Simple one year, complex the next Dividing income in the year of death Overview of Subchapter J Form preparation issues – Filing requirements and line-by-line explanations of Form 1041 Taxable income of estates and trusts and expense allocation issues Specific deductions and miscellaneous itemized deductions Income in respect of a decedent The income distribution deduction calculation Relation of principal and income law to DNI Understanding how to handle capital gains and losses Allocating tax items to beneficiaries: another K-1 Other considerations: excess deductions on termination Effects of the CARES and Tax Relief Acts on trusts: §461(l) Excess Business Loss Limitation, NOL, §163(j) modifications, new employer credits Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation Comprehensive trust and estate case studies, with filled-in forms

Recent standard setting and consulting activities at the FASB Proposed updates to income tax accounting and financial statement disclosures Tax basis financial statements Recently issued Statements on Auditing Standards and other audit-related hot topics

Recent standard setting and consulting activities at the FASB Proposed updates to income tax accounting and financial statement disclosures Tax basis financial statements Recently issued Statements on Auditing Standards and other audit-related hot topics

The major requirements of QC Section 10, A Firm’s System of Quality Control Elements of an effective system of quality control Considerations for sole practitioners and smaller firms when implementing QC Section 10 Guidance in implementing an effective firm-wide system of quality control across its six components

Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information What are common errors preparers make and what are the areas generating malpractice claims? Initial administrative groundwork The importance of Schedule M-1 Reporting requirements and filing exceptions for Schedules K-2 and K-3  Don’t fall prey to reporting oddities When can seemingly separately stated Schedule K items actually be trade or business items to report on Forms 1120-S or 1065, page 1? Form 1120-S – What exactly is terminating S elections today? How do I recognize a second class of stock? Maintaining shareholder basis schedules; beware of final IRS regulations regarding “open debt”; the default method of calculating basis versus the election under §1367; can an S corporation distribute earnings and profits from C corporation years? Form 1065 – Why use §704(b) to maintain capital accounts; §704(c) regulations for preventing the shifting of tax consequences among partners or members; allocating recourse, nonrecourse, and qualified nonrecourse debt; a review of §754 step-up in basis rules Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return

Common embezzlement schemes Common financial statement fraud schemes Commonly missed red flags

Statistics compiled by the ACFE related to fraud Professional responsibilities to identity, respond to and report fraudulent activity The current fraud landscape, including who commits fraud, how and why they commit it and how they are detected

•     Explain the expectation gap with financial statement users regarding the auditor’s responsibilities for preventing and detecting fraud •     Fraud inquiries and engagement team discussion points •     Identifying and responding to fraud risk on an audit •     Testing journal entries and other tests for management override •     Fraud communications