Overview Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to more thoroughly review S corporation and partnership tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of “practice tips for new reviewers” and is updated for impacts of newly enacted legislation. Major Topics: Reviews of portions of error-prone “staff-prepared” Forms 1120-S and 1065 from client-provided information Be aware of legislative changes How to reduce input errors. When and how to rely on third-party data import software What are common errors preparers make and what are the areas generating malpractice claims? Initial administrative groundwork The importance of Schedule M-1. Learn how various schedules are related and learn how to self-review Overview of new 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? 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 – New tax reporting requirement for partners’ capital balances 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 Discussion of more complex transactions included in corporate structures Multiple checklists of efficient procedures to identify potential issues on an 1120-S or 1065 tax return Learning Objectives Expand the process involved in reviewing applicable tax returns Identify the most common areas that result in errors Document a review, including consideration of risk management

This course will start with the Accounting Standard Updates effective in 2024 for public entities, private entities, and nonprofits. We'll then switch our attention to the items coming down the pike, including a look at the projects identified by the FASB's Invitation to Comment:
Agenda Consultation. We'll also review year 2 considerations for leases including modification accounting. Then we will switch gears, switching to the audit side of the house. We'll review the impact of the changes to auditing group audits as well as the status of the AICPA's quality management project management. This course will keep auditors up to date on the work of the ASB. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics that will be covered in this course include:

• Accounting Standard Updates
• Projects identified by the FASB's Invitation to Comment:
  Agenda Consultation.
• Year 2 considerations for leases including modification accounting.
• The impact of the changes to auditing group audits
• The status of the AICPA's quality management project management.
• The current work of the ASB.

Who will benefit:

Accountants in public practice and industry

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

A well-organized chart of accounts supports robust responsibility reporting, makes it easy to answer "what if?" questions and helps eliminate data entry errors. However, many organizations cling to the primitive practices of a half-century ago that impose barriers to developing budgets, holding people accountable, gathering useful data and keeping errors from creeping into their financial statements. Best practices today look little like the examples you may have seen in business school. If you sense that your general ledger could do far more, this session will show you how to fix your problems This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Current Chart of Accounts Best Practices

• Why developing a chart of accounts begins with studying your organizational chart
  
• How to identify your account segments
  
• Determining the order of your account segments
• Best practices for numbering account bases
  
• How to avoid memorization
  

Fixing Your Current Chart of Accounts

• How big company and small company software differs
  
• Two key approaches for preserving your historical data
  
• What to know when making major chart of accounts changes

Who will benefit:

Anyone with responsibility for a General Ledger System

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Financial statements are a window into what is going on in the day-to-day operations of the company. They help us see what the company's strengths and weaknesses are. However, financial statements can often have different messages depending on the user. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics that will be covered in this class include:

• Purpose of Financial Statement Analysis
• Comparing Actuals vs. Expectations & Benchmarking
• Case Studies 1 & 2
• Ratio Analysis
• Case Study 3
• Analysis of Statement of Cash Flows
• Case Studies 4 & 5
• Other Uses of Ratios

Who will benefit:

Controllers or accountants who are involved in the financial reporting functions of their companies and looking to improve their review skills.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

An audit is an investment in reliable financial reporting and compliance, and an increased return on those dollars can be achieved by hiring the right auditors. This course will provide key factors for you to consider when evaluating whether you are getting the most quality and insight from your auditors, to enable them to perform the most value-added audit possible in the given circumstances - while retaining the trust of a CPA. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics that will be covered in this class include:

• Limitations in roles and responsibilities an auditor can accept without impairing independence
• Assessing the strength of your auditor's ability to think critically, strategically, and creatively in appropriate circumstances
• Evaluating your auditor's time and project management stills
• Grading your auditor's communication and interpersonal skills, in exceeding your expectations on an audit

Who will benefit:

Anyone who manages the external auditor relationship

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Having sufficient assets to live a comfortable and secure retirement is one of the concerns that many people face. This concern cannot be resolved without having a solid retirement plan. In this course, we will discuss the fundamentals of IRAs, stating the rules related to contributions and distributions and highlighting the effect of the recent tax law changes on the planning process. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this class include:

• IRA Types & Basic Requirements
• MAGI Thresholds for Traditional & Roth IRA's
• IRA Distributions
• Handling Coronavirus Distributions
• Handling Roth IRA Distributions
• Required Minimum Distributions
• Qualified Charitable Distributions (QCD's)

Who will benefit:

CPAs and financial advisors who want to know more about the basic theory and concepts behind financial planning utilizing IRAs.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

How do I treat a property transaction?

You'll be able to answer this question after taking a focused look at the IRS cost and repair regulations. With an understanding of capitalized cost and depreciation rules, you can help your clients achieve significant tax savings. You'll also learn about the rules for:

- Depreciation

- Amortization

- Like-kind exchanges

- Involuntary conversions

- Business property sales

- Property-related timing issues

- Planning opportunities

What's going on with capitalized costs and depreciation?

Course materials cover the latest legislation, including:

- The requirement to capitalize and amortize Section 174 research and experimentation expenditures

- Changes to bonus depreciation levels starting in 2023

- The technical correction issued in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Learning Objectives:

· Recall the initial tax basis and adjusted tax basis of business property.

· Identify the tax basis of self-constructed assets.

· Distinguish between deductible repairs and capitalized improvements.

· Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.

· Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation.

· Recognize which assets are considered listed property.

· Recognize the types of purchased intangible costs that must be capitalized.

Who will benefit:

· Public accounting staff and senior associate

· Tax professionals in company finance or tax departments

THIS IS AN AICPA HOSTED WEBCAST. YOU WILL LAUNCH THE COURSE FROM YOUR OSCPA LEARNING PORTAL. 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.

Columbus State Community College - Mitchell Hall | November 21, 2024 11:30 a.m. - 2:00 p.m. | CPE: 0.5 SK

Join us as The Ohio Society of CPAs recognizes our 2024 Power of Change Honorees and scholarship recipients. You’ll have the opportunity to network over lunch prior to celebrating the outstanding women who have made an extraordinary impact on the accounting profession and business community. 

Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This module will also differentiate the auditor's responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements. Note:
This course is recommended as a part of a 16-hour audit skills curriculum for supervisory or managerial auditors, while it is also appropriate for anyone who has responsibilities for designing or evaluating the design of internal controls. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

• Evolution of internal control concepts
• Revamped 2013 COSO Internal Control - Integrated Framework
• Designing an adequate 'umbrella' of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
• Specific internal control considerations and sample documentation for smaller entities
• Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act requirements

Who will benefit:

Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Transforming your practice or business to a digital model is a journey, not a destination. There are some digital initiatives that require a great deal of time and money to deploy. There are also many "low hanging fruit" initiatives that are relatively easy and inexpensive to deploy. E-signature software is a perfect example of the latter. John Higgins, a nationally recognized leader in accounting technology, will guide you through the process of evaluating, selecting and implementing e-signature software to streamline a solution, and secure your document signing processes. You will be surprised to discover how easy it is to take your engagement letter and contract signing workflow digital. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this course include:

• Review of the digital document signing process.
• Key features to evaluate in selecting a solution.
• Review and distinguish top selling e-signature applications.
• Best practices for deploying e-signature software in your practice or business.

Who will benefit:

Anyone who uses email or postal email to process documents for signature and counter signature.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.