Get familiar with SAS No. 145

In October 2021, the AICPA Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. 

SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and, therefore, enhance your audit quality. 

Hear from members of the Auditing Standards Board's risk assessment task force as they help you learn to navigate SAS No. 145 and examine new and updated concepts including: 

- A new definition of significant risk

- New guidance on maintaining professional skepticism

- Revised requirements to evaluate the design of certain controls

- Separately assessing inherent risk and control risk

- Revised requirements regarding audit documentation

- New guidance on scalability

Key Topics

- Risk assessment under SAS No. 145

- Overview of the steps to perform during risk assessment

- Testing the design, implementation, and operating effectiveness of controls

- New concepts due to the issuance of SAS No. 145

Learning Objectives

- Recall why risk assessment is important.

- Recognize the areas where practitioners may struggle.

- Identify the major differences in risk assessment under SAS No. 145 and why they were incorporated by the Auditing Standards Board.

- Recognize the practical impact to the risk assessment process and the work to be performed.

THIS IS AN AICPA HOSTED WEBCAST. YOU WILL LAUNCH THE COURSE FROM YOUR OSCPA LEARNING CENTER. AICPA WILL ISSUE AND MAINTAIN YOUR CREDITS. PLEASE MAKE SURE TO DOWNLOAD YOUR CPE CERTIFICATE FROM AICPA WEBCAST PORTAL AT THE CONCLUSION OF THE WEBCAST.  

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls. 

Learning Objectives:

-Identify §199A issues for your clients

-Identify and distinguish guaranteed payments and distributive shares

-Understand the relationship between capital account maintenance and outside basis adjustment 

-Define various kinds of partnership liabilities and explain the tax consequences of each 

Major Topics:

- Summary of important provisions of the Tax Cuts and Jobs Act of 2017, specifically including the critical §199A and the final regulations thereunder, and the latest updates 

- Summary of the CARES Act (and related acts) and subsequent stimulus acts: the "Second" Act and the "Third" Act 

- Self-employment tax issues: what you can and cannot do 

-Capital accounts: book vs. tax issues 

- Determining basis: key issues and technical analysis in calculating basis 

-Dealing with debt: recourse, nonrecourse, and why it matters 

- Guaranteed payments, distributive shares, and draws: understanding the difference

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.

Tune in to OSCPA's Town Hall Series where you'll get the lowdown on today's hottest topics, late-breaking regulatory news and information on OSCPA initiatives that are shaping the profession. Hosted by OSCPA President & CEO Scott D. Wiley, CAE, the Town Hall Series also features guest speakers who will share their insights and perspective on the emerging issues that need to be on your radar. Get interactive as we offer up quick polls to gauge your thoughts on the content presented. You'll also have a chance to weigh in during a Q&A session at the close of each Town Hall. And you'll earn 1 credit of complimentary CPE for each Town Hall you attend. Members tell us it's the best investment of 60 minutes.

Geared toward practitioners who provide accounting and auditing services to small businesses, this course updates you on the new accounting, auditing, compilation, preparation, and review standards, and other professional guidance that impact small businesses and their auditors. Materials include practical applications of the topics covered to help you understand and apply the standards to real-life scenarios. With the rate of change in todays regulatory environment, you must stay current on the topics impacting the profession. Your clients are counting on you! 

Learning Objectives:

- Identify recently issued FASB, ASB, and ARSC guidance and standards that impact small businesses.

- Identify key concepts related to exposure drafts and other projects in accounting and auditing.

- Recognize small business audits: who needs them and why.

Major Topics:

-Accounting standards updates, including an update on leases, financial instruments, and revenue recognition

- Latest activity from FASB, ASB, and ARSC

- An update on audit and attest standards

- Private company financial reporting

- Types of small business audits

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.

Interested in attending both days of the conference? Save by purchasing the 2-Day bundle. You can find it under the Bundles & Subscriptions & Donations tab.

Significant challenges always present opportunities to rethink the future. The Virtual Accounting Shows are your path to success! Join us for a virtual accounting show where you can select a track or mix it up across more than 40 sessions at the largest, most comprehensive learning opportunity of the year. 

Interested in attending both days of the conference? Save by purchasing the 2-Day bundle. You can find it under the Bundles & Subscriptions & Donations tab.

Significant challenges always present opportunities to rethink the future. The Virtual Accounting Shows are your path to success! Join us for a virtual accounting show where you can select a track or mix it up across more than 40 sessions at the largest, most comprehensive learning opportunity of the year. 

This two-day course is the go-to for a broad spectrum of highlights regarding individual return preparation. In the cacophony of economic changes, we will filter out the noise and walk you through the most consequential tax changes of recent legislation. We’ll also address this year’s key revenue rulings, procedures, and case law, with practical tips and insights to help you have your most successful season ever.

Learning Objectives

• Maintain a broad understanding of the hot issues and changes in individual tax preparation
• Understand a “hodge-podge” of practice issues affecting preparers of individual tax returns

Major Topics

• A tour of the most recent form changes, from gross income to tax brackets and selected credits including the latest IRS guidance on tax legislation
• Individual tax issues and a review of important new practice issues and regulations
• Schedule 1 adjustments for excess deductions upon the termination of trusts and estates
• Proposed regulations that clarify the definition of a “qualifying relative”
• Retirement distributions, including new rules in the SECURE Act 2.0
• Section 461(l)
• Increased oversight of paid tax return preparers
• Hot, hidden, or miscellaneous developments affecting the upcoming tax season
• Housekeeping and winning the audit lottery
• Numbers applicable to this year’s tax filings
• The impact of recent legislation and changes to Form 1040
• Donor-advised funds and miscellaneous tax planning strategies

Few professions are evolving as fast as health care. Regulatory and legislative changes contribute to the industry's thirst for current information. Experts in the field will provide the latest data, resources and insights on the most pressing issues facing the health care accounting and business community.

DESIGNED FOR

• CPAs, CFOs, controllers and accounting and finance professionals working in any aspect of the health care industry.

BENEFITS

• Learn about trends in the health care industry and accounting to implement in your practice or organization.
• Boost your understanding of hot topics impacting the industry.

AGENDA HIGHLIGHTS

- Healthcare Industry Outlook: The Future of Health 8:35 - 9:50

Speaker: Holly B Perzy, MD, MMM, FAAP, FACP, DABOM, Chair, Department of Internal Medicine-Pediatrics, The MetroHealth System

- Accounting and Tax Update 10 - 11:15

Speaker: Anthony LaNasa, CPA, CFE, Managing Principal, HW&Co. | CPAs & Advisors

- Vital Defenses: Top Ten Cybersecurity Pillars in Healthcare 11:30 - 12:45

Speaker: Sera Brynn Cybersecurity & Compliance

This webinar is being offered through collaboration with the New Jersey Society of CPAs. When you launch into the webinar day of, you will be directed to NJCPA online platform. OSCPA will be reconciling your CPE credit following the event and the CPE certificate will be reflected in your OSCPA Learning Center and Transcript within 2 weeks. 

The course provides a comprehensive, hands-on, pencil pushing understanding of the preparation of both S corporation and partnership/LLC tax returns, along with the underlying laws, regulations, etc. The course uses the basic concepts underlying the two main types of business returns: 1120S and 1065 as building blocks for more complex concepts tax preparers should be aware of. The theoretical concepts get illustrated in comprehensive examples that incorporate the most up-to-date law changes and provisions.

Major Topics

• 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” 

Learning Objectives

• Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
• Learn in detail about the preparation of Form 1065, Schedules M-1, K, and K-1
• Identify and handle commonly found S corporation and partnership tax issues

Today's workforce looks a lot different than it used to. With more people working from home and across state lines, employers must examine withholding and unemployment laws in a new light. In this course, we will examine tried and true rules in this area, but also examine statutes that are still developing. Using real-life examples and discussion, we will examine state laws on reciprocity and residency requirements. We will also look at what to do when state laws are silent or conflict on a particular issue, so that you can keep your clients in compliance and be well-prepared for the questions that will come your way in these ever-changing times.

Learning Objectives:

- Recall which states do not have an income tax.

- Determine when employer withholding obligations exist.

- Recognize how withholding obligations are affected by reciprocal agreements between states.

- Identify where employers are obligated to pay unemployment for employees.

Major Topics:

- What states do not have an income tax? What is the relevance to employers?

- Where does an employer have an obligation to withhold state taxes for an employee?

- At what point does an employee become a resident?

- Where is unemployment paid for an out of state employee?

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.