When a purchaser buys an existing partner’s partnership interest or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser’s partnership interest (outside basis). If the partnership’s assets have appreciated sufficiently, the difference between the new partner’s inside and outside basis can be substantial. This disparity can deprive the new partner of depreciation deductions and inflate his or her share of the gain from subsequent property dispositions unless a Section 754 election is in effect. The Section 754 election can also apply when a partnership makes a distribution of property and the basis of the distributed property to the partnership and the basis the partner/distributee will take in the distributed property are not equal. In this case, a partnership can recover basis it would otherwise lose if the 754 election were not in effect.

Learning Objectives

• Determine the amount of a Section 754 basis step-up

• Know how to allocate the basis step-up to the partnership's assets

• Know how a partnership makes a Section 754 election and reports it to the IRS

Major Topics

• How and why a partnership makes a 754 election

• The effect of the 754 election when an interest in a partnership is sold or inherited

• How the 754 election applies when a partnership makes a distribution of property to one or more of its partners

• How to make the 754 basis adjustment

Designed For

Any Accounting and Finance Professional who wishes to understand the tax rules and economic opportunities associated with having a partnership make a Section 754 election

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.

Derivatives, embedded derivatives and mining (Bold)

Complexities with digital assets increase when you move away from the fundamentals and start evaluating contracts to determine if they involve derivatives or have embedded derivatives.

In addition, recording mining revenue has many unique considerations, especially if you have questions about differences related to transaction fees and block rewards or if you or your client are mining independently or within a mining pool.

Part three of a series (bold)

This webcast is part three of a series that will bring to life the content incorporated in the AICPA practice aid Accounting for and Auditing of Digital Assets.

This webcast will walk you through:

- A specific fact pattern when evaluating whether or not there is an embedded derivative within the contract

- The difference between recording revenue for transaction fees and block rewards

- A flow chart for determining how to recognize revenue when participating in a mining pool

Add more value (bold)

Whether you’re a CPA working with clients or an industry accountant responsible for corporate accounting policy, this webcast will give you a clear path to help your clients or entity by applying the appropriate accounting standards to your digital asset derivative and mining activities.

Detailed examples and use cases will demonstrate the real-world application of this guidance.

Note:
FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):
Accounting for and Disclosure of Crypto Assets, which is effective for all entities for fiscal years beginning after December 15, 2024. This ASU is not yet reflected in this webcast.

Learning Objectives:

· Recognize the accounting considerations of a derivative or an embedded derivative in a transaction involving digital assets.

· Identify the accounting considerations when revenue is recognized by mining entities.

Who will benefit:

· Public accounting professionals

· Management accountants

· Consultants with financial clients

· Financial services professionals

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.

Companies operating in today's business climate are weathering a storm of major FASB updates. Companies and their advisors may want to consider non-GAAP options as they develop strategies involving revenue recognition, leasing, credit losses, and other FASB pronouncements. This session will provide an overview of special purpose frameworks that may present salient alternatives to U.S. GAAP for certain entities. 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:

• Review of special purpose frameworks
• Discussion of non-GAAP options for financial reporting
• U.S GAAP alternatives for certain entities

Who will benefit:

CPAs in public practice or members in industry.

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

Many people that use Microsoft Excel know a great deal about the functionality of the application. There are, however, a tremendous number of hidden tools that a high percentage of users overlook. Additionally, there are newer features that some have not had the opportunity to explore. This session shows some of the numerous time-saving tools and features that often go unused by spreadsheet creators. People that wish to become more efficient when using Excel should take this session! 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:

• The power of keyboard shortcuts
• Oft used features with more capability than meets the eye
• New helpful features

Note:
This session is taught using Hands-On methodology. We provide practice files that tie to the examples in the course materials so participants can undertake all the steps in unison with the instructor.

Who will benefit:

Accounting and other business professionals that work in Excel who want to become more efficient with the application.

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

Join us for an enlightening presentation where we delve into the pivotal technology trends reshaping the accounting profession. This course covers an array of topics including cloud computing, big data, data analytics, Robotic Process Automation (RPA), Machine Learning (ML), Artificial Intelligence (AI), cryptocurrency, blockchain technology, and the metaverse. We will also cover provide an update on the current market for cloud based accounting / ERP and personal productivity software. Designed for forward-thinking professionals, this session offers insights into how these technologies impact your business, your firm, your clients and most importantly, your career. Stay ahead in your field by understanding these emerging technologies and their practical applications in business. 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:

• Role of cloud computing as the foundation for all tech trends
• Big data and data analytics the new frontier for CPAs
• Workflow automation with RPA, ML and AI with a focus on ChatGPT
• Blockchain technology, the revolutionary data storage model
• Cryptocurrency 15 years later, an update on the market and technology
• Metaverse - what's it all about
• Cloud based financial and ERP software market update

Who will benefit:

Anyone who wants to upskill their knowledge of the digital technologies that are transforming business and accounting.

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

This course will enable practitioners to understand and apply the AICPA "clarification" auditing standards to audits of Small- and Medium-Sized Entities (SMEs). Further, this course will provide guidance on how to perform an effective, efficient and profitable audit engagement. The course is loaded with practical practice aids to help enable participants to comply with the standards. Troublesome areas as identified in peer reviews and litigation will be covered. Participants who take this course will enjoy smooth sailing in their peer reviews, guaranteed! 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:

• AICPA auditing standards issued during the 18-month period prior to the program that impact audits of Small- and Medium- sized entities (SMEs)
• The new SAS 145 risk assessment requirements
• The new SAS 134 as amended audit reports
• How to fulfill responsibility to detect fraud under AU-C Section 240
• How to help clients design, implement and maintain their internal controls
• Troublesome areas in the audits of Small- and Medium-sized Entities (SMEs) as identified in peer reviews and litigation
• How to perform profitable audits of Small- and medium-Sized Entities (SMEs)

Who will benefit:

This course is designed for practitioners in public practice who must understand and implement the clarification auditing standards, need to be aware of common audit engagement deficiencies and responsible for profitable audit engagements. Also, for internal accountants who oversee the audit.

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

NOTE – This ethics course has not been approved by the Accountancy Board of Ohio therefore does not count towards your mandatory 3 Hours of Professional Standards & Responsibilities credit per renewal period. This course does count towards your 120 CPE Hours.

This course is designed to provide an overview of the IRS Strategic Plan 2023-2026 and its impacts on the accounting profession and regulatory ethics. The course will cover the key goals and priorities of the IRS Strategic Plan, including improving service to taxpayers, enforcing the tax law fairly, transforming IRS operations, and fostering an inclusive and well-equipped workforce. Participants will learn about the specific measures the IRS plans to take to achieve these goals and the implications of these measures for tax professionals. 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:

• Overview of the IRS Strategic Plan 2023-2026
• Key goals and priorities of the IRS Strategic Plan
• Measures the IRS plans to take to achieve its goals
• Implications of the IRS Strategic Plan for tax professionals and regulatory ethics
• Changes to the way the IRS provides services and communicates with taxpayers
• Strategies for staying up-to-date on IRS policies and procedures
• Case studies of the impacts of the IRS Strategic Plan on the accounting profession

Who will benefit:

This course is intended for tax professionals, including accountants, who want to learn about the IRS Strategic Plan 2023-2026 and its impacts on their work and regulatory ethics.

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

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Who will benefit:

Accountants in public practice or industry

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

The War for Talent is bad, and it's getting worse. In their efforts to win the war for talent, smart organizations have recognized the importance of fostering a great work culture. Many of these organizations are implementing Servant Leadership as their desired leadership style. In this session, learn what servant leadership is, as well as what it is not. Also, learn the benefits of having a great culture, the basics for assessing your culture, as well as how to coach your employees using a servant leadership style. 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:

• Assessing your organization’s culture
• The benefits of great cultures
• The basics of what servant leadership is, and is not
• How to coach using a servant leadership style

Who will benefit:

Supervisors or anyone aspiring to be a supervisor

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

Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code. This CPE course will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Learning Objectives:

· Identify the elements of trusts and estates.

· Recall the filing requirements for estates and trusts.

· Indicate how electing small business trusts are taxed.

· Identify which deductions and credits are allowed for estates and trusts.

· Recall the significance of the Uniform Principal and Income Act (UPAIA).

Who will benefit:

· CPAs

· Financial advisers

· Estate attorneys

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.