CPE Catalog & Events

Final regulations on “eligible terminated S corporations” (ETSCs) Cases, rulings, and tax law changes affecting S corporations Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues, including IRS efforts to address underreporing of S corporation officer compensation Use of redemptions: still some advantages Planning for the liquidation of an S corporation Tax issues for family ownership of S corporation stock Impact of the tax on net investment income on sales of S corporation stock Stock basis: Loss limitations, AAA, and distribution issues in depth Debt basis: what the regulations on back-to-back loans mean to investors Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance Built-in gains: the 5-year recognition period S corporation structuring: one class of stock Methods of accounting Legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates

New issues for the current year tax return and §199A Installment sales — understanding the complicated issues Form 8582: Passive losses with carryovers — Complicated case with filled-in forms Puts, calls, straddling, and unusual investments — Understanding the tax laws and reporting them correctly on the tax return Capital gain and loss issues — The problem with proper reporting of installment sales issues; capital gains and losses; when is a stock worthless; and much more... At-risk rules: What a return preparer really needs to know Passive loss issues — You cannot just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right! Incentive and nonqualified stock options — Reporting; key strategies for planning; dealing with the alternative minimum tax Alternative minimum tax — Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client Form 6251: Detailed calculation example

New issues for the current year tax return and §199A Installment sales — understanding the complicated issues Form 8582: Passive losses with carryovers — Complicated case with filled-in forms Puts, calls, straddling, and unusual investments — Understanding the tax laws and reporting them correctly on the tax return Capital gain and loss issues — The problem with proper reporting of installment sales issues; capital gains and losses; when is a stock worthless; and much more... At-risk rules: What a return preparer really needs to know Passive loss issues — You cannot just trust your software. What to watch out for and the questions you need your clients to answer in order to do it right! Incentive and nonqualified stock options — Reporting; key strategies for planning; dealing with the alternative minimum tax Alternative minimum tax — Understanding it; planning strategies to avoid it; using the minimum tax credit; explaining it to a client Form 6251: Detailed calculation example

Identifying when an election to adjust basis will be available Determining when the basis adjustment must be made or may be made without an election Learning how to make the calculations to determine a step-up and allocate that step-up among partnership assets Examining practical examples dealing with a sale of a partnership interest and the effects of §734(b) Exploring the alternatives to electing a basis adjustment Understanding a distribution of property and when an inside basis adjustment can be considered Studying examples dealing with sale of assets vs. sale of partnership interests and issues with hot assets Finding out how to keep track of the “books” for tax preparers when the inside basis adjustment is made, and how to flow through adjustments through a tax return and K-1

Key concepts of trusts, including recent trends; best practices; jurisdiction; and ways to avoid pitfalls Decanting Federal estate tax exemption and remaining relevance of trusts Irrevocable life insurance trusts The role of family dynamics Choice of trustee and other fiduciaries State trust-friendly considerations Charitable trusts Delaware Statutory Trusts Powers of attorney  Pet Trusts – the emerging necessities State, county, and local issues Portability QTIP issues Creditor considerations Potential IRA problems Problems with re-titling assets

Principles and concepts which form the foundation of ethical behavior The core principles of professional conduct -- integrity, objectivity, and independence The AICPA Code of Professional Conduct Alaska professional standards and responsibilities for the practice of public accounting

What is ransomware? The growing threat of ransomware — statistics Remote working and COVID-19 Ransomware infection process Incident response protocol Business considerations Legal considerations Breach notification obligations Steps to protect against malware Tabletop exercise

Private company standard setting activities FASB Accounting Standards Updates Revenue recognition Leases Credit losses

Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB’s Technical Agenda Leases – Topic 842 ASC 326: CECL Review of SAS 142 – Focus on Audit Evidence Recently issued SASs and other AICPA activity SSARS No. 25 and other recently issued SSARS Detailed review of SAS 145 Other important A&A practice matters

AICPA hot topics and standard setting initiatives Discussion of new standard on audit evidence, SAS 142, effective for years ended December 31, 2022 Discussion of new standards on auditing accounting estimates, use of specialists, and the risk assessment process, SASs 143–145, effective for years ended December 31, 2023 Recent updates to the AICPA’s Code of Professional Conduct Recently issued or proposed updates to other AICPA professional guidance

Private company standard setting activities Recent FASB Accounting Standards Updates (ASUs) Topic 842, Leases ASC 326: CECL

ASU No. 2016-02, Leases (Topic 842) Implementation challenges in adopting ASC 842 Common pitfalls and errors in applying ASC 842 Best practices in implementing ASC 842 Use of lease accounting software for successful implementation and ongoing accounting

Critical concepts related to applying the new Yellow Book including when the standards are applicable; the types of engagements involved; and the relationship between the Yellow Book and other standards The new Yellow Book standards related to ethics; independence; professional judgment; competence and CPE; quality control; and peer review The new Yellow Book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control

Principles and concepts which form the foundation of ethical behavior The core principles of professional conduct -- integrity, objectivity, and independence The AICPA Code of Professional Conduct Arizona State Board of Accountancy Statutes and Administrative Rules

What is artificial intelligence? What are the different forms of artificial intelligence? The difference between artificial intelligence and machine learning The types of problems artificial intelligence can solve The role of algorithms How artificial intelligence will affect accounting and finance careers Data governance, security, and privacy How accounting firms are using AI today The role of artificial intelligence in asset management

Proper documentation as a means of audit quality Factors impacting the nature and extent of documentation Illustrative workpapers and exercises Use of practice aids and other mechanisms as means of audit documentation Checklist for self-review of workpapers

2017-2020 peer review results Common sources of peer review deficiencies AICPA Peer Review Program areas of focus for peer reviews

AICPA’s Enhancing Audit Quality initiative Feedback from peer reviews, including areas driving deficiencies in audit Elements of an effective risk assessment and how to link to audit procedures performed Understanding internal controls and making the decision whether or not to test them Best practices in documentation

Common accounting estimates Accounting guidance related to loss and gain contingencies Audit guidance related to auditing accounting estimates Overview of the requirements of SAS 143

Accounting basics for accounts payable, accrued expenses and debt Risk associated with accounts payable, accrued expenses and debt Key controls related to accounts payable, accrued expenses and debt Procedures commonly used to audit debt, including compliance with restrictive covenants