CPE Catalog & Events

An introduction to special purpose frameworks Authoritative and non-authoritative guidance used to prepare SPF financial statements Common issues in preparing SPF financial statements Cash basis and modified cash basis financial statements Income tax basis financial statements The AICPA’s special purpose framework – FRF for SMEsTM

Comprehensive coverage of the Inflation Reduction Act of 2022 and SECURE Act 2.0 Timely coverage of breaking tax legislation Retirement planning in light of IRA and RMD changes Review of pertinent changes from recent legislation Reading a tax return for developing client-specific tax strategies Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future Compensation and fringe benefit issues Identify clients with net investment income tax problems and the potential ways to reduce or eliminate them All in the family: Tax tactics for spouses, children, and parents Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change

Timely coverage of breaking tax legislation, including the SECURE 2.0 Act and Inflation Reduction Act provisions applicable to individuals Changes to the lifetime estate tax exemption in light of proposed regulations Considerations when selling a principal residence Tax benefits of HSAs An overview of the mechanics and practical considerations of Donor Advised Funds Virtual currency The best new income tax and estate-planning ideas The changing Social Security landscape: long-term solvency issues and what it means for retirement planning Creative charitable giving strategies Financial planning strategies Maximizing retirement plan benefits Using intentionally defective grantor trusts Miscellaneous tax-planning techniques that can add up to significant tax savings How to use the whole family for tax savings Life insurance Up-to-the-minute ideas reflecting new tax law changes in cases, regulations, and rulings

GASB updates Updated Statements on Auditing Standards (SASs) Yellow Book & OMB updates affecting single audits Ethics updates for governments and not-for-profit entities

What is Expected of the In-Charge Plan Engagement Assess Risk and Materiality Nonstatistical Audit Sampling Meet Client Needs Complete Engagements Review Assistants' Work Supervision

Comprehensive coverage of the Inflation Reduction Act of 2022 and The SECURE Act 2.0  Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms Coverage of Form 7203  Coverage of §199A qualified business income, its calculation, limitations, and examples  Dividends and interest – Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.  Security transactions – From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues  Self-employed person issues  Schedule C deductions including depreciation  Sale and exchange of property – Understanding Form 4797 and depreciation recapture; capital gains  A working understanding of passive losses – How to handle rental property and how the passive loss rules flow to the tax forms  Itemized deductions – A thorough understanding of what’s deductible and what’s not  Interest deductions – Limitations and timing problems  Charitable contributions substituting for taxes, IRS says – No!  Retirement contributions and education credits and deductions  Tax computations – The Kiddie Tax, AMT, regular tax, tax credits  Individual problems illustrated by form preparation for various items, with numerous “practice tips”  Impact of recent legislation and forms changes on the 1040

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

How to calculate a partner or S corporation shareholder’s basis Form 7203 and an S corporation shareholder’s basis The at risk basis rules and Form 6198 The passive activity loss limits The Section 461(l) loss rule The net operating loss limitation rules The Section 163(j) business interest limitation

How innovation happens Innovation metrics and how to report on innovation efforts How the use of technology and other simple techniques can foster and sustain innovation The difference between disruptive and sustaining innovation How to become more innovative on a personal level How to communicate and encourage innovation within your company

Practical opportunities to leverage artificial intelligence and automation in business settings Potential risks associated with using AI and automation, including inherent ethical issues Pros and cons associated with tools such as ChatGPT, Bard, Power Automate, and Zapier

Understanding the differences between ethics, morals, and laws Key technology issues that can impact ethical behavior in businesses Examples of potential ethical conflicts precipitated by modern technologies

Financial statement disclosures for small and medium-sized businesses Balance sheet, income statement, and statement of cash flows presentation and disclosure issues Disclosure examples from all sized entities which you can use to base your disclosures on Developing disclosure issues, including disclosures related to the adoption of Topic 606

Retirement planning using variables such as desired lifestyle, travel plans, housing plans, medical needs, and family needs to customize a retirement plan unique to the client Using the residence and other real estate as retirement assets through equity and rent Using the small business as a retirement resource through creative retirement plans, non-qualified deferred compensation, and converting the value of the business through sales within the family or to an outside party An overview of portfolio management for retirees, including: sustainable portfolio withdrawal rates; balancing investments between income and equity, and taxable and nontaxable; and asset liquidation and distribution timing to minimize the tax impact of retirement distributions and maximize cash flow from retirement vehicles and Social Security Developing a three-legged retirement stool of employer retirement, savings, and Social Security, and timing the use of the legs of the stool to maximize after tax retirement benefits Analysis of the most current/important research on retirement planning and sustaining retirement income levels and lifestyles and the impact of the most recent tax laws, regulations, and rulings Planning with the new retirement provisions of SECURE Act 2.0

Building change into the planning process Sales/income plan Intermediate planning Technology plan Capital equipment planning One-year operating plan Monthly planning Cash plan Risk plan

Timely coverage of breaking tax legislation Schedules K-2 and K-3 reporting requirements, including the domestic filing exception and Form 1116 exemption Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations with examples of how to calculate stock basis A review of like-kind exchange transactions under section 1031 Guidance on the impact of recent legislation on S corporations and partnership entities New Form 1099-K reporting requirements Bonus depreciation Section 163(j) Section 174 Research and Experimental Expenditures FinCEN reporting requirements in 2024 Employee vs independent contractor considerations that companies should be aware of A review of the key cases, rulings, and tax law changes affecting S corporations, partnerships, limited liability companies, and limited liability partnerships

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

Common errors made involving the following tax topics: Section 199A qualified business income deduction Home office Hobby losses Self-employment health insurance Business start-up costs Depreciation Unreported income Schedule C issues Like-kind exchanges Self-employment tax Sections 1202 and 1244 stock Charitable contributions of property