Earn CPE Credit With the CPA Report (CPAR)

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Designed for CPAs in public practice, government agencies, and not-for-profit organizations, CPA Report offers engaging news segments each month that allows you to stay current on the latest developments and issues in tax, accounting, auditing, not-for-profit auditing, governmental accounting, and management programs. This annual online accounting CPE subscription features streaming video, easy-to-follow course outlines, online transcripts, and quizzes.

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CPAR - 2022 July, Seg. 1 - SEC Updates: Climate Related Disclosures and Equity Compensation - Part II

Financial Reporting Issues

Back in 2020, the human capital disclosures became mandatory and the SEC took a principle-based approach. Takis Makridis, CEO of Equity Methods and David Outlaw, director of valuation and HR advisory services at Equity Methods, discuss the new era of financial reporting. This includes non-financial disclosures, ISS updates to burn rate methodology, how these are displayed in the 2022 reports and why they matter and the impact of macroeconomic factors on compensation strategies.

Learning Objectives:

  • Recognize how to approach the SEC's human capital disclosure requirements,
  • Describe how macroeconomic factors are impacting compensation strategies,
  • Recognize the critical factors relating to equity compensation today, and
  • Describe the trend towards more insight-focused topics in accounting.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting
Speaker/Author: Takis Makridis, David Outlaw
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR - 2022 July, Seg. 2 - How to Assess and Manage Risk Within Your Organization - Part II

Managing Risk

Insurance companies bet on uncertainty and inherent risk, focusing on both commercial and personal lines, and use the Insurance Services Office, ISO, as their administrative backbone. David Peters, tax practitioner and financial advisor at Peters Tax Preparation & Consulting, continues our segment by explaining ISO policies and elements common to both ISO policies and property and casualty insurance.

Learning Objectives:

  • Understand the role of ISO and commonalities between ISO and property & casualty policies following the ISO or establishing their own language,
  • Identify what is covered under a commercial property insurance policy,
  • Recognize the importance of having cyber security coverage, and
  • Understand the types of insurance agreement under cyber policies.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: David Peters
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR - 2022 July, Seg. 3 - Finance Trends Today: Forecasting, Data and Automation

Forecasting and Budgeting

Protiviti's 2021 Global Finance Trends Survey reveals an unambiguous conclusion. The world, business and finance teams have entered a new era and there is no going back. Tim Hird, executive vice president with Robert HalfRobert Half, and , Jay ThompsonJay Thompson, a managing director , with Protiviti, review the results of the survey focusing on how financial executives feel about issues such as forecasting and planning, robotic process automation, data, and talent management.

Learning Objectives:

  • Identify the major themes that came out of the Protiviti 2021 Global Finance Trends Survey,
  • Describe the challenges involved with forecasting today,
  • Recognize how robotic process automation is changing the role of the accountant, and changing and
  • Describe how remote and hybrid work are changing the way finance operates
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: Tim Hird, Jay Thompston
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR - 2022 July, Seg. 4 - HSAs, Material Participation, Innocent Spouse Relief and Other Tax Issues

Corporate Tax Series

There are many developments impacting a number of tax issues in 2022 including new IRS guidance and recent Tax Court decisions. Barbara Weltman, President and Founder of Big Ideas for Small Business, Inc. reviews what's new relating to the following topics: health savings accounts, charitable contributions, leave donation programs, material participation rules, innocent spouse relief, and offers in compromise.

Learning Objectives:

  • Recognize the new developments in Health Savings Accounts,
  • Describe the criteria for receiving a hardship exemption on IRA rollovers,
  • Recognize the importance of documenting charitable contributions, and charitable and
  • Describe the conditions that must be met in order to receive innocent spouse relief order relief
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR - 2022 July, Seg. 5 - Bridging the GAAP on Cannabis Accounting

Accounting Processing Best Practice

Many states have legalized cannabis for recreational use, though it is still officially illegal under the Controlled Substances Act. Despite this fact, regulators have issued rules on cannabis production. IRS regulations are not the only concern for cannabis accounting, however. There are immense differences between accounting for the cannabis business and accounting for other types of businesses. Andrew Hunzicker, CPA, founder and owner of Dope CFO, navigates the complexities of accounting in the thriving cannabis industry.

Learning Objectives:

  • Comply with IRC 471-11 for cannabis inventory and manage 280E tax exposure,
  • Determine how to utilize GAAP accounting to limit a cannabis company's tax liability,
  • Distinguish the direct and indirect costs of cannabis production and distribution, and
  • Compare accounting for cannabis with accounting for CBD & hemp.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Speaker/Author: Andrew Hunzicker
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR GOV/NFP- Vol. 2020- No. 3- 03-COVID-19 & Fraud Schemes for Government Agencies & NFPs

Nonprofits-Fraud

COVID-19 not only finds its place in every conversation, regardless of the topic, but it takes a leading role. It has affected our lives in more ways than we've ever imagined and it is not over yet. We see its impact on our individual lives, our businesses and also our wallets. Congress passed the CARES Act in an effort to provide financial assistance for both individuals and businesses, but whenever there is government relief, along comes fraud! Brian Sanvidge, CIG, CFE, Principal and Leader of Anchin's Regulatory Compliance and Investigations Group, discusses the current environment and how it makes government agencies and nonprofit organizations more susceptible to fraud.

Learning Objectives:

  • Identify the fraud-related challenges governments and nonprofits are currently facing,
  • Understand the correlation between an organization's size and fraud,
  • Recognize how the pandemic enables fraud, and
  • Determine how the remote working environment promulgates fraud.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in government accounting or auditing, or an introductory course in government auditing.
Author/Speaker: Brian Sanvidge
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR GOV/NFP- Vol. 2020- No. 3- 04- Pay Equity: The Tale of Two Genders – Part II

Equity Compensation

On January 29, 2009, President Obama signed the first piece of legislation of his Administration: the Lilly Ledbetter Fair Pay Act of 2009 ("Act"). The Act states the Equal Employment Opportunity Commission's (EEOC) longstanding position that each paycheck that contains discriminatory compensation is a separate violation regardless of when the discrimination began. Given pay equity legislation is progressing rapidly, more and more companies are performing pay equity studies. Wells Miller, Counsel, Executive Compensation & Employee Benefits Group at Choate, Hall & Stewart and Josh Schaeffer, Director, Valuation Practice Leader at EquityMethods, give us their insights.

Learning Objectives:

  • Identify the actions companies need to take based on recent legislation,
  • Recognize the best ways to address pay equity issues,
  • Determine who is ready for a pay equity study, and
  • Identify the nature of outliers and ways to remedy pay gaps.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Wells Miller and Josh Schaeffer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR GOV/NFP- Vol. 2020-No. 3-01-Nonprofit Accounting and Auditing Updates – Part I

Nonprofits-A&A

The AICPA has published the 2020 edition of the Audit and Accounting Guide and Audit Risk Alert for nonprofit organizations. The Audit and Accounting Guide, although nonauthoritative, contains recommendations from FinRec in areas not covered by the FASB ASC and includes new ASUs and changes to the auditor's report on financial statements. The Audit Risk Alert, Not-for-Profit Entities Industry Developments, focuses on emerging practice issues and current economic legislative, regulatory, accounting and auditing developments. Allen Fetterman, CPA gives us a brief overview of the FASB and AICPA guidance and how it relates to the Accounting Standard Codification and FinRec.

Learning Objectives:

  • Identify the purpose of the annual AICPA's Audit and Accounting Guide and Audit Risk Alert,
  • Recognize steps not-for-profits need to consider to implement Rev Rec and Lease standards during the extension period,
  • Determine the key provisions under ASU 2019-06 on impairment of goodwill and other intangible assets for not-for-profits, and
  • Understand the changes in the definition of collections under ASU 2019-03.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in government accounting or auditing, or an introductory course in government auditing.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR GOV/NFP- Vol.2020- No. 3-02-Nonprofit Accounting and Auditing Updates – Part 2

Nonprofits-A&A

On September 17, 2020, FASB released an accounting standard update, (ASU) 2020-07 Not-for-Profit Entities (Topic 958) in order to improve transparency around how nonprofit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind (GIKs). The update will not change existing recognition and measurement requirements. It would "require nonprofits to present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets." Allen Fetterman, CPA discusses gifts-in-kind and what prompted the amendments.

Learning Objectives:

  • Recognize the types of assets included in gifts-in-kind and understand presentation requirements,
  • Identify the different treatments of PPP loan forgiveness,
  • Identify the differences between the loan model and the conditional contribution model, and
  • Determine the major changes under SAS 134 and SAS 140.
Advanced Preparation/Prerequisities: Work experience in government accounting or auditing, or an introductory course in government auditing.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 September, Seg. 5-Revenue Recognition, Leases and Other Accounting Updates for NFPs

Accounting Processing Best Practice

The regulators have been busy providing guidance and not-for-profit accountants have been even busier preparing for the slew of new standards coming out. Kaplan Financial Education discussion leaderAllen Fetterman provides an update on where things stand with revenue recognition, leases, CECL, goodwill and intangible assets, gifts in kind, accounting for pandemic-related issues, and other topics impacting not-for-profit organizations.

Learning Objectives:

  • Identify the issues nonprofit accountants need to be aware of when dealing with revenue recognition, leases and CECL;
  • Recognize the options available to nonprofit accountants when it comes to goodwill and intangible assets;
  • Describe the disclosure requirements stipulated in ASU 2020-07 Not-for-Profit Entities; and
  • Recognize the implications of recently issued guidance for nonprofit accountants related to pandemic issues.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 August, Seg. 1-Global Tax & Transfer Pricing Strategies: What Lies Beneath – Part I

Corporate Tax Series

Transfer pricing is an accounting and tax practice used to determine the cost of goods or services rendered within businesses and between departments, subsidiaries or holding companies that operate under common control or ownership. But there is a risk that lies beneath transfer pricing, and that risk is tax manipulation. It is often a way to shift tax liabilities to a lower-tax jurisdiction or even another country, as transfer pricing can extend to both domestic and global markets.Marina Gentile, lead of the Global Transfer Pricing Strategies practice, and Chaya Siegfried, international tax partner, at Withum discuss how transfer pricing goes hand in hand with an effective global tax structure and how proper planning is key.

Learning Objectives:

  • Define transfer pricing and recognize the four types of intercompany transfers;
  • Identify compliance factors with respect to transfer pricing and planning opportunities to minimize risk;
  • Understand the transfer pricing documentation requirements and the tax implications of their absence; and
  • Understand the impact of the pandemic in both transfer pricing and international tax structures.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Marina Gentile and Chaya Siegfried
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 August, Seg. 2-Global Tax & Transfer Pricing Strategies: What Lies Beneath – Part II

Corporate Tax Series

As the world is slowly coming out of the pandemic, companies are reevaluating their day-to-day operations, levels of performance within various departments, affiliates and subsidiaries, as well as customer and supplier relationships. Many companies have gone out of business, leaving customers to look for alternatives in their supply chain, while others have reorganized, transitioned to a virtual platform and switched from supply chains overseas to domestic or local manufacturers. As a result, their existing transfer pricing policy may no longer reflect the new corporate structure and intercompany cash flows.Chaya Siegfried, international tax partner and Marina Gentile, lead of Global Transfer Pricing Strategies practice at Withum, continue our segment by discussing the impact of the current environment on global tax and transfer pricing.

Learning Objectives:

  • Recognize how changes in transfer pricing strategies can affect a business;
  • Identify the differences in tax between domestic and multinational companies;
  • Understand the concept of double taxation and possible ways to avoid it; and
  • Determine who can qualify for a deduction under IRC section 250.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Marina Gentile and Chaya Siegfried
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 August, Seg. 3-Will the PCAOB Tighten the Leash?

Accounting Processing Best Practice

In July 2002, Congress established the Public Company Accounting Oversight Board, known as PCAOB, to oversee audits of public companies and SEC-registered brokers and dealers, in an effort to protect investors and the public interest. Over the years, there have been several cases of significant financial reporting fraud, significant internal control deficiencies, and other audit failures, resulting in the loss of investor confidence, yet the number of defective audits that resulted in enforcement actions by the PCAOB has been very small. Is the profession failing? Is accountability lost?Dan Goelzer, one of the founding members of the PCAOB, gives some insights on these questions.

Learning Objectives:

  • Understand the purpose of the PCAOB's inspection reports;
  • Determine some of the potential drawbacks if audit workpapers inspected by the PCAOB are publicly disclosed;
  • Recognize the correlation between audits of financial statements and uncovering fraud; and
  • Identify the areas the PCAOB should consider to ensure greater public trust.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Marina Gentile and Chaya Siegfried
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 August, Seg. 4-Whistleblower Program, Updates on Final Regulations & Moon Tax!

Miscellaneous

The Whistleblower program, currently known as Internal Revenue Code (IRC) section 7623(a), allows the Secretary of the Treasury to pay such amounts as he or she deems necessary "for detecting and bringing to trial and punishment persons guilty of violating the internal revenue laws or conniving at the same." In December of 2006, the Tax Relief and Health Care Act of 2006 made fundamental changes to the IRS awards program; one of the areas we hear about from time to time is recoveries for whistleblowers.Barbara Weltman, president of Big Ideas for Small Business explains the two avenues for recovery for whistleblowers and discusses an interesting case involving the Large Business and International (LBI) division of the IRS.

Learning Objectives:

  • Understand key changes made by the IRS in its Whistleblower Awards Program;
  • Identify changes based on final regulations on federal disasters and application of mandatory 60-day extension;
  • Identify tools available for Child Tax Credit eligibility; and
  • Understand the purpose of the IRS annual data book and the report issued by the Electronic Tax Administration Advisory Committee.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 August, Seg. 5-Accounting Changes and Error Corrections: New Guidance

Accounting Processing Best Practice

The GASB has issued a number of new Exposure Drafts in 2021. They cover topics such as changes to the methods of accounting for accounting principles, changes in accounting estimates and error corrections. They also deal with accounting for compensated absences and an important name change from Comprehensive Annual Financial Report to the Annual Comprehensive Financial Report. Marks Paneth PartnerWarren Ruppel, CPA, explains the proposed changes as well the implication of the proposed rules on government accountants and auditors.

Learning Objectives:

  • Recognize the new rules for accounting changes and error corrections introduced in the GASB's new Exposure Draft;
  • Describe the disclosures proposed in the GASB's Exposure Draft "Accounting Changes and Error Corrections";
  • Recognize why GASB is proposing to change the Comprehensive Annual Financial Report to the Annual Comprehensive Financial Report; and
  • Describe the new model being proposed by GASB for accounting for compensated absences.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Warren Ruppel
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting - Governmental
2

CPAR- 2021 December, Seg. 2-Mergers and Acquisitions in a Pandemic World

Strategic Planning Process

During the pandemic there has been a flurry of merger and acquisition activity. Brian Sarkis, founder and executive director at the Franklin Nova Group, explains how the pandemic has forced companies to think differently and reviews the key factors that are driving M&A deals. Other topics include how impairment issues are affecting M&A transactions and the lasting impact of the pandemic on mergers and acquisitions activity.

Learning Objectives:

  • Recognize what the M&A market has been like during the pandemic;
  • Describe how the pandemic has forced companies to think differently;
  • Identify M&A deal structure issues; and
  • Recognize the lasting impact of the pandemic on M&A.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Brian Sarkis
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR- 2021 December, Seg. 3-Qualified Small Business Stock Gain Exclusion

Corporate Tax Series

The Section 1202, qualified small business stock (QSBS) gain exclusion has gone unnoticed for years since its enactment in 1993 but has gained popularity recently as a go-to tax planning strategy with significant benefits to shareholders who are selling. It is a tax incentive for sellers of qualifying C corporations and encourages investment opportunities in small businesses. Dan Mayo, principal at WithumSmith+Brown, discusses Section 1202 in further detail and explains what makes it a hot topic today.

Learning Objectives:

  • Understand the meaning of qualified small business stock (QSBS) and how the QSBS gain exclusion applies;
  • Identify the requirements for issuers and shareholders to qualify for the gain exclusion;
  • Determine what the asset use test entails and the requirements of company subsidiaries; and
  • Understand the consequences when forced to sell before the 5-year holding period requirement.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Dan Mayo
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 December, Seg. 4-ERC Modifications, Extensions and Other Tax Updates

Miscellaneous

Looking ahead to 2022, it's time to be thinking about payroll. One of the key changes we contend with annually is the social security wage base. The social security administration announced an increase to the social security wage base for purposes of the FICA and self-employment tax for 2022. Barbara Weltman, president of Big Ideas for Small Business, gives us further details on what that increase means, as well as other tax updates including, but not limited to, alimony rules and deductibility, claiming credits or refunds under IRC section 41, and a brief update on where we currently stand on the legislative front.

Learning Objectives:

  • Identify the key changes in social security wages and how they will impact employers, employees and self-employed individuals;
  • Understand the current SALT cap proposals and why the SALT cap is considered by some as unconstitutional;
  • Describe the three-factor test to ascertain whether a statute is remedial or penal; and
  • Recognize the revised measures under the Build Back Better Act.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 December, Seg. 5-Implementing GASB No. 87: Leases

Auditing Standards

Effective for fiscal year 2022, GASB Statement No. 87, Leases, establishes a single model for lease accounting based on the principle that leases are financings of the right to use an asset. Joe Fitzgerald, senior vice president, Lease Market Strategy with Visual Lease, explains what you need to know about the new standard, how it differs from FASB's pronouncement, the implementation considerations, and what to look for when considering a software solution.

Learning Objectives:

  • Describe the new rules for lease accounting under GASB 87;
  • Recognize the differences between the FASB and GASB lease standards;
  • Describe the impact of the pandemic on leases; and
  • Recognize what to look for in lease accounting software.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in government accounting or auditing, or an introductory course in government accounting.
Author/Speaker: Joe Fitzgerald
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing-Governmental
2

CPAR- 2021 December, Seg.1-Critical Audit Matters: Implementation and Implications

Auditing Standards

The PCAOB and the Center for Audit Quality recently released reports on the implementation of Critical Audit Matters (CAMs) reporting. Dan Goelzer, one of the founding members of the PCAOB, prov ides an update on the findings in those reports and their implications for accountants and auditors. He also reviews the three principal causes of fraud as outlined in a report published by the Anti-Fraud Collaboration group.

Learning Objectives:

  • Recognize what a Critical Audit Matter (CAM) is;
  • Describe the results from recent studies on CAMs;
  • Recognize the accounting problems that could result from the global pandemic; and
  • Identify the three principal causes of fraud according to a study by the Anti-Fraud.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Dan Goelzer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 July, Seg. 1-SPACs – Worthy Investments or Killers?

Miscellaneous

SPACs, special purpose acquisition companies, have been around since the early 2000s, yet they have been the biggest trend over the past year. When there is a surge, especially of that magnitude, there is also scrutiny. The SEC looks very closely at filings and disclosures by SPACs to protect the public so investors can make informed investment decisions. Warren Buffet considers the SPAC boom a "killer," but is there another side to SPACs? Opinions are split. SPACs are in the news almost daily, but the question is how long will this boom last and is this really a "killer"? Brian Sarkis, CFA, founder of The Franklin Nova Group discusses SPACs in detail, how they work, and the underlying risks.

Learning Objectives:
After completing this course, the course participant should be able to:

  • Understand what SPACs are and how they work.
  • Recognize the accounting treatment of SPAC warrants in accordance with recent SEC regulations.
  • Identify the differences between SPACs and IPOs.
  • Determine steps investors should take prior to investing in SPACs.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in accounting.
Author/Speaker: Brian Sarkis, CFA
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Specialized Knowledge
2

CPAR- 2021 July, Seg. 2-Topic 842 Leases – Are You Ready?

Accounting Processing Best Practice

In February 2016, the FASB issued new authoritative guidance on accounting for leases. The new guidance is commonly referred to as Topic 842, which is a reference to the Leases topic of the FASB Accounting Standards Codification. All reporting entities that prepare financial statements in accordance with U.S. GAAP must adopt Topic 842 as a replacement for previous GAAP on accounting for leases. Leases are one of a company’s most significant costs that can directly impact business operations as well as valuation. Joe Fitzgerald, senior vice president of Lease Market Strategy at Visual Lease, discusses the impact of leases on the balance sheet based on the new standard, the underlying risks when leases are neglected or not accounted for, and what to look for when evaluating lease software.

Learning Objectives:
After completing this course, the course participant should be able to:

  • Understand the requirements when transitioning to Topic 842 and the definitions of Day 1 and Day 2.
  • Identify the underlying risks when leases are not properly managed.
  • Recognize the challenges in adopting Topic 842, and the lessons learned from public companies.
  • Determine the key considerations when evaluating lease software.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Joe Fitzgerald
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 July, Seg. 3- Economic Value Added – A Net Income Alternative

CFO/Controller Best Practices

Economic value, or economic value added, or as some people refer to it, economic profit, is an alternative to net income; many people believe that net income may not be an appropriate measurement to identify value creation for an organization. So an alternative has been developed to evaluate value creation, known as the economic value model. Most companies present their financial statements based on GAAP, generally accepted accounting principles, but there are some weaknesses when we are trying to figure out a company’s value. John Fleming, CPA at Kaplan Financial Education, explains why a net income alternative might be a better measurement in certain situations and to specific companies.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Identify the differences between net income or earnings per share and economic profit.
  • Identify related performance metrics associated with understanding economic profit.
  • Recognize how to apply economic profit to a live situation and how the treatment of certain expenses differs when using economic profit vs. GAAP.
  • Determine the strengths and weaknesses of economic profit.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: John Fleming, CPA
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 July, Seg. 4-Net Investment Income Tax, Trust, Estate & Gift Tax & More

Individual Tax Series

The Net Investment Income (NII) Tax applies to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts at a rate of 3.8%. The NII Tax was effective beginning on or after January 1, 2013. Individuals who are subject to the NII Tax have modified adjusted gross income over thresholds which are not indexed for inflation. Barbara Weltman, president of Big Ideas for Small Business discusses current updates on NII from various sources including investment income from digital currency transactions. Barbara also reviews the proposed changes in estate and gift tax rules under the new Administration and gives some context on the Administration’s 2022 budget proposals.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Understand the different types of transactions that can trigger investment income.
  • Identify the limits in 2022 of HSAs and the limits of other insurance coverages.
  • Recognize potential tax exposure for individuals even after their death.
  • Understand the definition of the tax gap and how the Treasury is planning to fix it.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 July, Seg. 5-Tax-Exempt Status: Jeopardizing Activities

Miscellaneous

To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes as set forth in section 501(c)(3). But what are the activities that could potentially jeopardize tax-exempt status? Allen Fetterman, an instructor for Kaplan Financial Education describes the four major areas of concern for 501(c)(3) organizations when it comes to maintaining their tax-exempt status. He reviews in detail inurement, lobbying, political activities and unrelated business income.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Identify the four major areas of concern with regards to jeopardizing tax-exempt status.
  • Describe what is meant by the term "inurement".
  • Recognize the lobbying and political activities that could jeopardize tax-exempt status.
  • Describe the unrelated business income activities that nonprofit organizations need to be aware of.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 June, Seg. 2- Unclaimed Property Reforms and Challenges- Part I

Miscellaneous

Property or accounts within financial institutions or companies that have not been claimed by their owner and have no activity for a year or more can be classified as unclaimed property, and if there is no contact or change, that property needs to be turned over to the state. But before that last step, when the dormancy period has passed, the entity has the responsibility to perform due diligence and make many attempts to locate the owner of the abandoned property. State Unclaimed Property Laws and Regulations seem to differ from other business regulations and tax requirements in a number of ways, including when a state law applies and the types of items to which it applies. Karen Anderson, director, and William King, tax managing director, State and Local Tax, at KPMG LLP, discuss unclaimed property reforms and challenges and explain some of the anomalies and the ways they impact businesses.

Learning Objectives:
After completing this course, the course participant should be able to:

  • Identify differences between unclaimed property laws and tax laws.
  • Recognize the most common unclaimed property types for businesses.
  • Understand the voluntary disclosure programs and how they may mitigate penalties, interest, audits and examinations for noncompliance.
  • Determine how items can become unclaimed property and what the triggers are.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Karen Anderson and William King
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 June, Set. 5-GASB Revenue and Expense Recognition Project

Auditing Standards

In 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that establishes the performance obligation model as the basis for revenue recognition. The IASB adopted a similar standard when it issued IFRS 15, Revenue from Contracts with Customers. These two standards were the result of a FASB and IASB convergence project, with the common goal to issue equivalent accounting standards. It also prompted GASB to consider a performance obligation approach to the GASB's standards. GASB's revenue and expense recognition project is considering developing or improving guidance on revenue recognition. Warren Ruppel, CPA, partner at Marks Paneth LLP gives us an overview of the project and discusses the objectives of the project as well as any limitations and challenges.

Learning Objectives:
After completing this course, the course participant should be able to:

  • Understand the GASB's considerations for the Revenue and Expense recognition project.
  • Recognize the potential challenges and exclusions in the Preliminary Views document.
  • Identify the nature of transactions and criteria met to be classified as Category A and B.
  • Recognize the five assumptions used by the GASB in the development of the revenue and expense recognition model.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in government accounting or auditing, or an introductory course in government auditing.
Author/Speaker: Warren Ruppel
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing-Governmental
2

CPAR- 2021 November, Seg. 2-What Makes Convertible Bonds Popular?

Miscellaneous

Convertible bonds are always a discussion item as companies are often concerned with proper classification. FASB simplified issuer's accounting for convertible instruments and contracts on an entity's own equity with issuance of ASU 2020-06, in an effort to reduce unnecessary complexity currently in U.S GAAP. Josh Schaeffer, director at Equity Methods, discusses the sexy side of debt and why convertible bonds are gaining more and more popularity, especially in times of financial crisis.

Learning Objectives:

  • Describe the main changes under ASU 2020-06 on the treatment of convertible bonds;
  • Identify some of the key features of convertible debt and the main reasons to issue convertible bonds;
  • Recognize the accounting considerations of convertible bonds; and
  • Understand the complexities of embedded derivatives.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Josh Schaeffer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 November, Seg. 3-Auditing Standards Update: NOCLAR, Management Specialists and Pricing Services

Auditing Standards

The AICPA has issued guidance in 2021 on a number of issues that impact the auditor's work. In February, an Exposure Draft was issued dealing with Non-Compliance with Laws and Regulations (NOCLAR). In June, new guidance was issued on the use of specialists and pricing information. Ahava Goldman, associate director with the AICPA, reviews the standards in detail and explains the implications of the new rules.

Learning Objectives:

  • Describe the AICPA changes dealing with Non-Compliance with Laws and Regulations (NOCLAR);
  • Recognize how to make and document inquiries related to NOCLAR;
  • Describe the new AICPA guidance for situations where a specialist is used and when pricing information is obtained from external sources; and
  • Identify the factors that may affect the relevance and reliability of the management specialist's work and that of pricing information.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Ahava Goldman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 November, Seg. 4-Corporate & Individual Tax Updates

Corporate Tax Series

Even though the temporary measures established during the pandemic to help businesses and employees are coming to an end, the guidance isn't ending. Barbara Weltman, president at Big Ideas for Small Business, discusses guidance on affording paid sick leave and paid family leave under Notice 2021-53. She also covers potential tax implications with respect to demolitions, foreclosures and debt cancellation, provides tax updates on marijuana businesses and discusses deductibility of expenses and the new Form 7203 for figuring basis for S corporation shareholders.

Learning Objectives:

  • Understand the proper reporting on form W-2 of paid sick leave and paid family leave to employees;
  • Recognize potential tax implications on real estate in the events of demolition, foreclosures and debt cancellation;
  • Identify tax updates on marijuana businesses and deductibility of expenses; and
  • Understand reasons paid preparers may be subject to tax penalties.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 November, Seg. 5-The AICPA’s 2021 Not-for-Profit Entities Audit Risk Alert: An Overview

Risk-Based Auditing

The AICPA's 2021 Not-for-Profit Entities Audit Risk Alert reviews what auditors need to know with regards to current business environment issues, accounting and audit challenges, and changes on the horizon for not-for-profits. Kaplan Financial Education discussion leader Allen Fetterman reviews the key elements contained within the Alert, in particular the impact of the pandemic on both clients and auditors.

Learning Objectives:

  • Recognize what is covered in the AICPA's Not-for-Profit Audit Risk Alert;
  • Describe IT best practices that nonprofits should consider as a result of the pandemic;
  • Recognize what nonprofits have had to do regarding internal controls as a result of COVID-19; and
  • Describe the impact of COVID-19 on auditors and the audit.
Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Allen Fetterman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 October, Seg. 1-2021 Emerging Enterprise Themes – Part I

Miscellaneous

For over a decade, The Hackett Group has been running a survey to identify key issues CFOs, corporate executives and business leaders are facing and provides them with emerging enterprise themes that will influence finance in the upcoming year. The December 2020 study introduced three new items to the list of key finance objectives, reflecting the COVID-19 reality; improving finance agility, aligning skills and talent to changing business needs, and optimizing working capital management. Nilly Essaides, senior research director of finance, EPM and FinOps, and Bill Marchionni, senior director, finance advisor at The Hackett Group, discuss key issues for 2021 and how 2020 has affected this year’s accounting and finance list of priorities.

 

Learning Objectives:

  • Identify the important distinctions when it comes to estimates;
  • Understand the focus areas of financial planning and analysis;
  • Recognize how the accounting and finance value proposition has changed; and
  • Identify the most important results of process automation.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Speaker/Author: Nilly Essaides, Bill Marchionni

SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Advisory Services
2

CPAR- 2021 October, Seg. 2-The AICPA Quality Management Standards

Auditing Standards

In February 2021, the AICPA issued an exposure draft that includes three interrelated standards that address the way CPA firms manage quality for their accounting and auditing practices. AICPA Associate Director Ahava Goldman reviews the proposed standard in detail. She explains what was behind the development of the exposure draft and describes what CPA firms need to look out for.

Learning Objectives:

  • Recognize the objectives of the AICPA's new quality management standard;
  • Describe the changes that CPA firms need to look out for;
  • Recognize why the profession is failing; and
  • Identify the eight components of the proposed system of quality management.
Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
Author/Speaker: Ahava Goldman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Auditing
2

CPAR- 2021 October, Seg. 3-Ethics & Social Responsibility

Corporate Tax Series

There are a number of new developments and issues impacting corporate taxation. Ed Zollars, a partner with Thomas, Zollars & Lynch, Ltd., reviews a number of recent court cases, IRS Technical Advice Memorandums and other guidance from the IRS on the following topics: the new research credit amended return procedures, current rules for business meal deductions, and recent court decisions related to the all events test.

Learning Objectives:

  • Describe the information taxpayers are required to include for a research claim to be considered valid;
  • Recognize what happens if the IRS determines your research claim is deficient;
  • Describe the current rules for deductibility of business meals; and
  • Recognize when the all events test is met.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in ethics.
Author/Speaker: Potter Stewart
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 October, Seg. 5-The Human Element Behind Numbers

Strategic Planning Process

Executives are always under pressure, but there is nothing like the pressure they felt and still feel due to the pandemic. In the initial months they were faced with having to present to stakeholders short-term forecasts in order to make numbers talk about an unpredictable future. An impossible task, but they delivered. They had to evaluate their company's viability with several unknown elements and assumptions that could not have been based on historical results. There has been nothing comparable to a global pandemic in recent years. Since the pandemic, we keep talking about companies and the pressures they feel to perform and stay afloat. But we seldom talk about the executives themselves, the human element behind the numbers. Julie Kantor, business psychologist, founder of JP Kantor Consulting, reveals the importance of focusing on the human aspect.

Learning Objectives:

  • Identify the impact on employees when there is lack of transparency;
  • Determine stressors due to the pandemic and how they can be alleviated;
  • Recognize some of the signs employees manifest if stressed, anxious or depressed; and
  • Identify steps to cope with the new reality.
Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
Author/Speaker: Julie Kantor
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Management Services
2

CPAR- 2021 October, Set. 4-ERC Modifications, Extensions & Other Tax Updates

Miscellaneous

The IRS has been busy providing a lot of guidance on various matters as we are waiting for the pending infrastructure bill. A few areas Barbara Weltman, president at Big Ideas for Small Business, reviews include the Employment Retention Credit against employment tax, funding for single-employer defined benefit plans, new depreciation limits for vehicles and how the IRS is rethinking the treatment of cryptocurrency transactions.

Learning Objectives:

  • Understand exclusions from gross receipts and safe harbor factors in determining eligibility for the Employee Retention Credit;
  • Identify 2021 depreciation limits on vehicles and tax treatment;
  • Determine tax benefits available when having a qualified child as a dependent; and
  • Recognize changes under consideration by the IRS on tax treatment of cryptocurrency and digital assets.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 September, Seg. 1-Employee Stock Purchase Plans – Why Offer One?

CFO/Controller Best Practices

Employee stock purchase plans, often known as ESPPs, are programs that enable employees to purchase company stock via elective payroll deductions. Typically, those deductions will accrue over a set period of time, often six months. At the end of that period, the accumulated money is then used to buy stock and a new six-month period starts. ESPPs are a great incentive for employees, but how are they different from any other kind of equity compensation like options or restricted stock?David Outlaw, Director of Valuation and HR Advisory Services at Equity Methods, provides us with details on the different types of ESPPs, reasons companies offer them, common structures and tax qualifications.

Learning Objectives:

  • Understand the distinct differences of ESPPs vs. other stock compensation plans and restricted stock;
  • Identify the different design levers of ESPPs and the ways they differ;
  • Recognize the accounting treatment of ESPPs based on their features; and
  • Understand the remeasurement triggers and common modification drivers.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: David Outlaw
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 September, Seg. 3-IRS Updates

Miscellaneous

Subsequent to the March 2020 emergency declaration issued by President Trump in response to the coronavirus pandemic, there have been several major disaster relief declarations. As the pandemic seems like it's never ending, the IRS has to plan accordingly and extend most of its tax treatments with respect to COVID-19 and/or provide additional guidance where necessary.Barbara Weltman, president of Big Ideas for Small Business, gives us COVID-19 related IRS updates, discusses the tax treatment of recent tax cases, and explores ways tax professionals can boost their data security and better protect client information.

Learning Objectives:

  • Identify the updates to the leave-based donations program and COBRA premium assistance;
  • Understand the tax treatment of different types of damages;
  • Recognize substantiation requirements to support medical expenses, and the difference between real-time and automatic substantiation; and
  • Determine steps tax professionals should take in order to boost their data security and better protect their clients.
Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Author/Speaker: Barbara Weltman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2021 September, Seg. 3-Related Party Transactions – A Recurring Issue

Accounting Processing Best Practice

Related party transactions seem to be a recurring issue, and the reason is primarily two-fold. One, there's been a significant amount of related party frauds that were discovered only after the fact. And two, there's been criticism of related party disclosures in that they don't provide an accurate view of the related party activity that took place within the reporting entity. Identifying related party relationships and related transactions is not as straightforward as one might think.John Fleming, CPA, discussion leader at Kaplan Financial Education, focuses on the importance of such transactions and their impact on the fair representation of financial statements.

Learning Objectives:

  • Understand the related party guidance available based on the type of your entity;
  • Recognize the definition of related party and related party transactions;
  • Determine the related party disclosure requirements based on the accounting guidance followed; and
  • Identify the differences between management and auditors' responsibilities with respect to related party transactions.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: John Fleming, CPA
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2021 September, Seg.2-Accounting & Valuation of SPACs

Financial Reporting Issues

Special purpose acquisition companies, SPACs, also known as "blank check companies" raise money but are listed on an exchange before they even own any assets. Their goal is to acquire a privately held company within two years. These are both good enough reasons to be on the SEC's radar. The SEC not only looks closely at filings and disclosures by SPACs in an effort to protect the public interest, but also, in April 2021, issued new guidance on the treatment of SPAC warrants with neither previously issued proposals nor a comment period. This was an uncharacteristic move that caught financial professionals by surprise.Zac McGinnis, Managing Director at Riveron Consulting and Josh Schaeffer, director at Equity Methods, provide a more in-depth discussion on SPACs and their execution.

Learning Objectives:

  • Understand the new accounting treatment of SPAC warrants and its impact on financial statements;
  • Identify the differences between SPAC warrants and de-SPAC transactions;
  • Recognize some of the considerations with respect to financial statement restatement; and
  • Determine the difference between each of the three simulation models and best one to use for valuation.
Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
Author/Speaker: Zac McGinnis and Josh Schaeffer
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Accounting
2

CPAR- 2022 April, Seg. 1-Tax Updates: The Latest on Research Credits, Expenses, & Revenue

Corporate Tax Series

There are a number of new developments and issues impacting corporate taxation. Ed Zollars, a partner with Thomas, Zollars & Lynch, Ltd., reviews a number of recent court cases, IRS Technical Advice Memorandums and other guidance from the IRS on the following topics: the new research credit amended return procedures, current rules for business meal deductions, and recent court decisions related to the all events test.

Learning Objectives:

  • Describe the information taxpayers are required to include for a research claim to be considered valid,
  • Recognize what happens if the IRS determines your research claim is deficient,
  • Describe the current rules for deductibility of business meals, and
  • Recognize when the all events test is met.
Advanced Preparation/Prerequisites: Work experience in tax planning or tax compliance, or an introductory course in taxation.
Speaker/Author: Ed Zollars
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Taxes
2

CPAR- 2022 April, Seg. 2-Understanding, Identifying and Mitigating Internal Cyber Threat Risks

Data Integrity and Security

Organizations typically focus on external cyber threats, but statistics show that insider attacks occur more than 50 percent of the time and can be a lot more dangerous. Lyle Lieberman, Chief Operating Officer with JANUS Associates, explains the different types of insider cyber threats and describes what you can do to protect against them.

Learning Objectives:

  • Recognize the different types of insider cyber threats,
  • Describe what the next generation of firewalls do,
  • List the things to do to protect against insider cyber threats, and
  • Describe what an incident response plan is and what it does
Advanced Preparation/Prerequisites: Work experience in a corporate staff environment or in information technology, or an introductory course in management or information technology.
Speaker/Author: Lyle Liberman
SKILL LEVEL:
Update
DELIVERY TYPE:
QAS Self Study
FIELD OF STUDY:
Information Technology
2

CPAR- 2022 April, Seg. 3-Trade Finance & the Impact of Supply Chain Disruption – Part I

Finance Best Practices

Shortly after the shutdown last year, the federal government offered various types of assistance programs for both individuals and businesses. Loans, debt relief and grants were available in an effort to stabilize the financial markets and sustain some companies, though others were unable to withstand the blow of the pandemic and filed for bankruptcy or restructuring. Asset

  • based lenders, commercial banks, and non-bank financial institutions were faced with unforeseen situations, one of which was supply chain disruptions. Paul Schuldiner, EVP & division manager for Rosenthal Trade Capital, and Vincent Iacopella, EVP of growth and strategy for Alba Wheels Up, discuss in detail the impact of supply chain disruption on businesses, lending and the underwriting process.

    Learning Objectives:

    • Understand the changes in the marketplace during COVID,
    • Identify the ramifications of supply chain disruptions,
    • Understand the future of cross
    • border financing, and
    • Determine the impact of supply chain disruptions on lending.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in finance.
    Speaker/Author: Paul Schuldiner, Vincent Iacopella
  • SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Finance
    2

    CPAR- 2022 April, Seg. 4-Schedules K-2 & K-3 Relief, Penalties, RMDs & More

    Corporate Tax Series

    There has been a lot of discussion about Schedules K-2 and K-3 for a while now, with some confusion related to the preparation of the schedules and the filing options. In February 2022, the AICPA and state societies of CPAs sent a letter to the Secretary (Tax Policy) Department of Treasury and IRS Commissioner asking for a delay in the requirement for partnerships and S corporations to complete and file Schedules K-2 and K-3 reporting items relevant to international tax reporting. Barbara Weltman, president of Big Ideas for Small Business, gives us an overview of the schedules. She also addresses other areas of interest to CPAs and tax professionals, such as RMDs, subsequent beneficiaries, virtual currency and more.

    Learning Objectives:

    • Understand the requirements in order to complete Schedules K-2 and K-3, as well as the filing options available;
    • Recognize the new RMD tables issues and the proposed regs made by the SECURE Act in 2019;
    • Identify the proper treatment when a beneficiary is a minor, disabled or a subsequent beneficiary; and
    • Understand how taxpayers can petition the tax court for review with respect to employment tax determination.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Speaker / Author: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 April, Seg. 5-OMB Updates to the Uniform Guidance and the 2021 Compliance Supplement

    Auditing Standards

    Auditors are constantly dealing with updates from the Office of Management and Budget (OMB) and the AICPA's Auditing Standards Board. The pandemic has made their job even more challenging. Allen Fetterman, a national instructor on accounting and auditing issues, reviews revisions made by the OMB to the Uniform Guidance, changes made to the 2021 Compliance Supplement, and new guidelines included in SAS No. 140 issued by the Auditing Standards Board.

    Learning Objectives:

    • Identify the revisions made to the Uniform Guidance;
    • Recognize the changes made in the 2021 Compliance Supplement;
    • Describe the guidance for auditors contained in SAS No. 140; and
    • Recognize the challenges that auditors are facing doing single audits.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
    Speaker / Author: Allen Fetterman, CPA
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Auditing
    2

    CPAR- 2022 February, Seg. 1-Current FATCA & CRS Updates

    Corporate Tax Series

    Third-party information reporting has been shown to increase voluntary tax compliance, improve collections and assessments within the IRS, and thereby reduce the tax gap. Kelli Wooten, tax director at KPMG LLP, joins us this month and discusses the general reporting requirements under IRC section 6050W and Form 1099-K reporting, and Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.

    Learning Objectives:

    • Describe the general reporting requirements under IRC section 6050W;
    • Recognize the new Form 1099-K reporting requirements;
    • Identify the key issues that are typically mentioned in IRS soft notices; and
    • Recognize how to prepare for an IRS Audit.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Kelli Wooten
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 February, Seg. 2-Accounting for Share-Based Payments Part 1 - Overview

    Accounting Processing Best Practice

    Companies frequently use share-based payments to compensate both employees and nonemployees. They can often be used to incentivize performance. However, the accounting for these types of transactions can be quite challenging. Bruce Pounder, Executive Director of GAAP Lab, provides an overview of share-based payments and explains how they are accounted for.

    Learning Objectives:

    • Describe what share-based payments are;
    • Recognize the U.S. rules for accounting for share-based payments;
    • Describe the ways in which accounting for share-based payments can get more complicated; and
    • Recognize how to account for share-based payments to employees of a subsidiary.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting or an introductory course in accounting.
    Author/Speaker: Bruce Pounder
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 February, Seg. 3-Accounting for Share-Based Payments Part 2 - Complicating Conditions

    Accounting Processing Best Practice

    Share-based payments often come with strings attached. These kinds of conditions can complicate the accounting for share-based payments. An employee might be required to work a certain number of months to be entitled to stock options or a stock grant might be contingent on reaching a sales goal. Bruce Pounder, Executive Director of GAAP Lab, reviews these conditions and explains what you can do to manage the risks when making share-based payments.

    Learning Objectives:

    • Describe the conditions associated with share-based payments;
    • Recognize the accounting implications brought about by the conditions associated with share-based payments;
    • Describe the concerns that the SEC has related to share-based payments; and
    • Recognize how to manage the risks associated with share-based payments.
    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting or an introductory course in accounting.
    Author/Speaker: Bruce Pounder
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 February, Seg. 4-Changes in Method of Accounting, Passive Activity Losses and More

    Corporate Tax Series

    In general, an accounting method is a set of rules used to determine when and how a taxpayer takes income and expenses into account for federal tax purposes, yet neither the Internal Revenue Code nor the regulations clearly define it. Barbara Weltman, president of Big Ideas for Small Business gives us an update on changes in accounting methods and the gross receipts test created under the Tax Cuts and Jobs Act.

    Learning Objectives:

    • Understand the nature of the 481(a) adjustment and the changes based on the new regulations;
    • Recognize the IRC section 183 limit deductions;
    • Understand the IRS definition of a material advisor to a transaction; and
    • Recognize the five items rule in order to claim a refund relating to a research credit.
    Prerequisites/Advanced Preparation: Work experience in tax planning or compliance, or an introductory course in taxation.
    Author/Speaker: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 February, Seg. 5-Ethical Obligations and Decision-Making in Business

    Miscellaneous

    Companies struggle to provide employees with a set of guidelines that enable them to make decisions that meet the standards for effective and ethical decisions. Steven Mintz, Professor Emeritus at California Polytechnic State University, describes one approach, the PLUS Ethical Decision-Making Model. He also discusses what a company can do to establish an ethical environment, the signs of ethical collapse, and the steps an individual should follow when facing an ethical dilemma.

    Learning Objectives:

    • Recognize what the PLUS Ethical Decision-Making model is based on;
    • Describe the things an organization needs to do to establish an ethical organization;
    • Recognize the differences between System 1 and System 2 thinking; and
    • Describe what motivates employees to speak out or not to speak out.

    Prerequisites/Advanced Preparation: Work experience as corporate staff environment, or an introductory course in ethics.

    Author/Speaker: Steven Mintz

    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Behavioral Ethics
    2

    CPAR- 2022 January, Seg. 1-Is It Time to "Retire" Full Costing?

    Management Accounting Tools

    Contemporary cost accounting for manufactured inventories is based on 73-year-old Generally Accepted Accounting Principles (GAAP). With overhead as a percentage of total manufactured costs having increased significantly since the original rule was developed, the opportunity for "earnings management" in financial statements has also increased. The implications are broad and do not impact only manufacturing companies. Jonathan Schiff, PhD and professor of accounting at Fairleigh Dickinson University, makes the case to reconsider this aspect of GAAP with a view towards improving alignment with the current business reality.

    Learning Objectives:

    • Describe the problems encountered with full absorption accounting;
    • Recognize how the percentage of overhead to total manufactured costs has changed;
    • Identify the risks presented by use of full absorption accounting under today's GAAP; and
    • List examples of earning management.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
    Author/Speaker: Jonathan Schiff
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 January, Seg. 3-The Employee-Manager Relationship in Today's Work Environment

    Interpersonal Relationship at Work

    The pandemic has resulted in a dramatic increase in working from home, and with working from home comes changing expectations. The remote environment that has existed in the pandemic has put some strain on the relationship between managers and employees. Julie Kantor, executive coach, management consultant and founder of JP Kantor Consulting, reviews the issues that have developed from a work from home environment during the pandemic. She also offers some suggestions for how to improve the new experience for employees and managers alike.

    Learning Objectives p>

    • Recognize how communication between employees and employers has changed in the pandemic;
    • Describe what companies are doing to deal with the new communication challenges;
    • Recognize the importance of establishing a psychologically safe environment; and
    • Identify some steps managers can take to engage with employees.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Author/Speaker: Julie Kantor
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Business Management & Organizatio
    2

    CPAR- 2022 January, Seg. 4-Corporate & Individual Tax Updates

    Corporate Tax Series

    On November 10, 2021, the IRS released a version of Rev. Proc. 2021-45, providing the annual inflation adjustments for more than 60 tax provisions to be used by individual taxpayers on their 2022 tax returns. Barbara Weltman, president of Big Ideas for Small Business, covers some of the tax revisions that have COLA adjustments each year. She also discusses Rev. Proc. 2021-47 guidance on financially distressed individual homeowners, the new fact sheets on child tax credit, unemployment benefits, the benefits of code section 1202, and more.

    Learning Objectives:

    • Recognize the various COLAs for both businesses and individuals under Rev. Proc. 2021-45;
    • Understand the SBSE division's rule on recouping overpayments after an OIC;
    • Identify adjustments with respect to the child tax credit, Medicare premiums for 2022 and unemployment benefits; and
    • Understand the definition of qualified small business stock, exclusions and conditions to qualify for IRC section 1202 stock.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or compliance, or an introductory course in taxation.
    Author/Speaker: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 January, Seg. 5-New Audit Report Standards – SAS No. 134 on Nonprofit Organizations

    Auditing Standards

    The AICPA's Auditing Standards Board's SAS No. 134 changed a number of AU-C sections in AICPA Professional Standards. It also included a new AU-C section on Communicating Key Audit Matters. Kaplan Financial Education discussion leader Allen Fetterman reviews the implications of these changes and provides an illustration of the new wording of the auditor's report under SAS No. 134.

    Learning Objectives:

    • Recognize the changes to the auditor's report brought about by SAS No. 134;
    • Describe the impact of SAS No. 134 on auditor communications;
    • Recognize what is meant by the term Key Audit Matters; and
    • Describe how modifications to the auditor's report are handled under SAS No. 134.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or auditing, or an introductory course in auditing.
    Author/Speaker: Allen Fetterman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Auditing
    2

    CPAR- 2022 January, Seg.2- IFRS vs.U.S. GAAP – Major Differences

    Financial Reporting Issues

    International Financial Reporting Standards (IFRS) are followed in the European Union as well as many countries in Asia and South America but not in the United States. Understanding similarities and differences between IFRS and U.S. GAAP is highly relevant to financial reporting and disclosures for stakeholders. John Fleming, a Kaplan Financial Education discussion leader, covers those standards that most people talk about when they refer to the differences between IFRS and U.S. GAAP.

    Learning Objectives:

    • Identify the current IFRS standards most relevant to financial reporting and disclosure;
    • Identify major accounting differences between IFRS 15 and U.S. GAAP Topic 606;
    • Understand the fair value definition and the differences between IFRS 13 and U.S. GAAP Topic 820; and
    • Understand the objective of IAS 19 on employee benefits and identify the available areas under FASB relevant to employee and retirement benefits.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.
    Author/Speaker: John Fleming, CPA
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg. 1-SEC Updates: Climate Related Disclosures and Equity Compensation - Part I

    SEC Reporting

    The SEC has been very hands-on recently with respect to their agenda. Takis Makridis, CEO of Equity Methods and David Outlaw, director of valuation and HR advisory services at Equity Methods, give us an update. They give us insights on climate-related disclosures requiring registrars to include these in their registration statements and periodic reports, equity compensation disclosures, proposed rule 402(x) on Reg S-K, SAB no. 120, the proposed share repurchase disclosure rule and more.

    Learning Objectives:

    • Understand the rules proposed by the SEC on climate-related disclosures in registrant statements and periodic reports,
    • Identify the potential impact of Section 194-b in the U.S. NYS Senate Bill S5598B,
    • Understand the SEC’s proposed update on rule 10b5-1 on affirmative defense and the implications of proposed item 402(x) addition to Reg S-K, and
    • Identify the accounting guidance on spring-loaded awards under SAB No. 120

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.

    Author/Speaker: Takis Makridis, David Outlaw

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg. 3-How to Assess and Manage Risk Within Your Organization - Part I

    Risk Management

    Building a successful risk management program is not as straightforward as one might think. It includes several focus areas such as a full risk management assessment and process, a regularly updated and evaluated risk register, and a comprehensive insurance program that starts with a package policy. David Peters, tax practitioner and financial advisor at Peters Tax Preparation & Consulting, discusses how to build an effective risk management program and the main risks controllers and financial professionals typically face.

    Learning Objectives

    • Identify the six risk control techniques when building a risk management program,
    • Understand the difference between transferring risk and risk retention,
    • Determine the two components of risk register scoring and the ways to potentially change the score, and
    • Understand the main sections of insurance policies that you must not ignore

    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.

    Author/Speaker: David Peters

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Services
    2

    CPAR- 2022 June, Seg. 4-Itemized Deductions, SALT Cap, Digital Assets, and More

    Corporate Tax Series

    Individual taxpayers have two ways to take below-the-line deductions on their federal income tax return. They can either take the standard deduction or choose to itemize. One of the itemized deductions that gets a lot of traction is the SALT cap of $10,000 established by the Tax Cuts and Jobs Act in 2017. Several high tax states are unhappy and four states have challenged the constitutionality of the limit. Barbara Weltman, president at Big Ideas for Small Business, gives us an update of the U.S. Supreme Court’s position on the SALT cap and discusses other itemized deductions, as well as various areas of the Green Book, including digital assets and more.

    Learning Objectives:

    • Recognize various types of itemized deductions they can take advantage of and their IRS limitations,
    • Understand the ownership and use test and related exclusions with respect to primary residence sales,
    • Identify how employees may be impacted if employers fail to deposit their withheld payroll taxes, and
    • Identify the proposed rules in the Green book, for digital assets and proposed guidance provided by the IRS.

    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.

    Author/Speaker: Barbara Weltman

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR- 2022 June, Seg.2-COSO Framework - Part I

    COSO/Internal Control

    The COSO Framework has become the best practice basis for designing, implementing, and applying internal controls and assessing the effectiveness of these controls. John Fleming, education discussion leader at Kaplan Financial Education, discusses the framework that defines internal controls and describes the requirements for effective internal control, including components and relevant principles. He provides direction for all levels of management to use in designing, implementing, and conducting internal control and assessing its effectiveness.

    Learning Objectives

    • Understand the provisions under the COSO framework,
    • Define internal controls and what an effective internal control system means,
    • Recognize key controls and the importance of entity level controls, and
    • Identify the COSO

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting

    Author/Speaker: John Fleming

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 June, Seg.5-The GASB Agenda: Current and the Future

    Financial Accounting Issues

    The Government Accounting Standards Board (GASB) has a full agenda that it is working on. Topics include accounting changes and error corrections, compensated absences, risks and uncertainties, digital assets, and the GASB "Big Three" projects. GASB Chair Joel Black offers his views on these topics and also explains how GASB is leveraging technology.

    Learning Objectives:

    • Recall the guidance contained in GASB No. 99 on accounting and financial reporting issues
    • Recognize how GASB is modernizing accounting changes and error corrections guidance
    • Apply the current GASB thinking to compensated absences and risks and uncertainties
    • Identify how GASB is leveraging technology

    Prerequisites/Advanced Preparation: Work experience in financial reporting or accounting, or an introductory course in accounting.

    Author/Speaker: Joel Black

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Accounting
    2

    CPAR- 2022 May, Seg. 1-Trends in Management Accounting

    Management Accounting Tools

    The role of the accountant continues to evolve. Jeff Thomson, president and CEO of the Institute of Management Accountants, describes the megatrends that are occurring within the profession today. He outlines the steps that accountants need to take in order to remain relevant and take advantage of the opportunities brought on by digital transformation.

    Learning Objectives:

    • Identify the megatrends happening in accounting today;
    • Recognize the importance of agility;
    • Describe the keys aspects of finance transformation; and
    • Recognize what is involved in the race for relevance.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker / Author: Jeff Thomson
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Services
    2

    CPAR- 2022 May, Seg. 2-Understanding, Identifying and Mitigating External Cyber Threat Risks

    Data Integrity and Security

    Ransomware is a type of malicious software that is used by cybercriminals to lock data files and block access until a ransom is paid. The average cost of experiencing a ransomware attack is estimated to be about $761,106 globally. Lyle Lieberman, Chief Operating Officer with JANUS Associates, discusses the latest ransomware trends and provides a list of steps an organization can take to minimize the risk of an attack.

    Learning Objectives:

    • Recognize why ransomware is such a concern;
    • Describe the role of cyber insurance;
    • List the steps an organization can take to protect against ransomware; and
    • Describe what web application testing is.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment or in information technology, or an introductory course in management or information technology.
    Speaker / Author: Lyle Lieberman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Information Technology
    2

    CPAR- 2022 May, Seg. 3-Trade Finance & the Impact of Supply Chain Disruption – Part II

    Strategic Planning Process

    U.S. Customs and Border Protection (CBP) has put several programs in place, one of which is Section 321. In August 2020, the CBP issued an administrative ruling that clarifies the Section 321 duty-free exemption status of certain low-value shipments sent to U.S. fulfillment centers and domestic warehouses. Paul Schuldiner, EVP & division manager for Rosenthal Trade Capital, and Vincent Iacopella, EVP of growth and strategy for Alba Wheels Up, talk about the shift to e

  • commerce and Section 321, as well as other major changes in rules and regulations for various modes of transportation as a result of the pandemic and how it reshaped logistics.

    Learning Objectives:

    • Understand key considerations for lenders with respect to commerce;
    • Identify the changes in the rules and regulations for various modes of transportation as a result of the pandemic;
    • Recognize lessons learned from the pandemic in lending and logistics; and
    • Recognize steps taken by companies who were successful during the pandemic.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in finance.
    Speakers / Authors: Paul Schuldiner
  • SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Finance
    2

    CPAR- 2022 May, Seg. 5-Delegating, Coaching & Mentoring: Becoming an Effective Leader

    Interpersonal Relationship at Work

    Accounting and finance professionals need a variety of tools today to become effective leaders in their organizations. Amongst those tools are three in particular, delegating, coaching and mentoring, that have nothing to do with technical competencies. Dr. Belinda Johnson White, founder, owner and managing director of Building Leaders LLC, discusses what each of those tools entails, the steps to take in order to be effective, and the benefits to both the employees and the organization when done right.

    Learning Objectives:

    • Recognize why delegating is important;
    • Describe the benefits of delegating to the employee and to the organization;
    • Recognize the skills needed for coaching and mentoring; and
    • Identify the four steps in the coaching process.
    Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker / Author: Dr. Belinda Johnson White
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Personal Development
    2

    CPAR- 2022 May, Seg.4-Determining Reasonable Compensation, Hobby Losses Deductibility & More

    Corporate Tax Series

    The determination of reasonableness when it comes to S corporation officer compensation is an IRS requirement. Distributions and other payments by an S corporation to corporate officers should be treated as wages "to the extent the amounts are reasonable compensation for services rendered to the corporation." Barbara Weltman, president at Big Ideas for Small Business, explains what "reasonable" means according to the IRS and why it matters whether or not compensation is reasonable.

    Learning Objectives:

    • Identify key considerations used by the IRS to determine reasonableness with respect to S corporation officer compensation and the two tests most commonly used;
    • Understand what qualifies as a deductible business expense;
    • Recognize changes in bonus depreciation rules for first year property and leased or owned vehicles for 2022 and forward; and
    • Understand some of the proposed changes under the SECURE Act 2.0 that will be effective 2023, if enacted.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Speaker / Author: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR-2021 June, Seg. 1-Blockchain Ledgers- The Accounting of Tomorrow

    Miscellaneous

    At its most basic level, blockchain is a ledger sitting in multiple different computers, a chain of blocks made up of digital pieces of information. It is decentralized and it is not necessarily controlled by a single entity or a single individual. Once information is entered, it is there to stay. It is irreversible, it can't be changed, deleted or eliminated. If a correction needs to be made, a new transaction has to be recorded that has to be approved by all parties involved and it is added to every participant's ledger. Dave Sackett, CFO at ULVAC Technologies, Inc. discusses how the blockchain ledger works, its use in the accounting world and how it can be integrated with the company's general ledger.

    Learning Objectives:
    After completing this course, the course participant should be able to:

    • Understand how blockchain technology impacts assets, liabilities and equity accounts.
    • Determine the capabilities of a blockchain ledger and why it is considered the ultimate trail.
    • Recognize the way intercompany reconciliations work under blockchain technology.
    • Understand the difference of the accounting treatment of cryptocurrency as an intangible asset versus a currency.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in information technology or accounting, or an introductory course in information technology or accounting.
    Author/Speaker: Dave Sackett
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Information Technology
    2

    CPAR-2021 June, Seg. 3-Unclaimed Property Reforms and Challenges- Part II

    Miscellaneous

    In July 2020, the Delaware Court of Chancery reversed a subpoena issued by the Delaware Department of Finance (the Department) in the course of an ongoing unclaimed property audit of AT&T. The issuance of the Department's subpoena on behalf of the State Escheator was initiated in 2021 requesting AT&T's records going back 20 years from the commencement of the audit to 1992! Karen Anderson, director, and William King, tax managing director, State and Local Tax, at KPMG LLP continue our segment on unclaimed property reforms and challenges and discuss administrative subpoena authority. Are state administrators who have this authority issuing administrative subpoenas in unclaimed property audits? And are there any restrictions of the types of information that can be subpoenaed?

    Learning Objectives:
    After completing this course, the course participant should be able to:

    • Identify how unclaimed property audits are administered by states.
    • Recognize ways to mitigate exposure and avoid data breaches.
    • Determine the exclusions from the definition of gift certificates, store gift cards and other general-use prepaid cards.
    • Understand how COVID-19 has impacted unclaimed property compliance and enforcement.
    Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Karen Anderson and William King
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR-2021 June, Seg. 4- Proposals for the American Families Plan- The Devil Is in the Details

    Individual Tax Series

    On April 28, 2021, President Biden released a fact sheet on his just-proposed changes to the tax system, the American Families Plan. The American Families Plan would make some dramatic tax changes. There have been several discussions about items in this proposal since its release. The 15-page document details more than just tax proposals, but it is important to remember that this document is just that; it is still a proposal. It is unclear how much Congressional support would exist for passing the proposal "as is," and historically, there have always been modifications. Barbara Weltman, president of Big Ideas for Small Business focuses on the tax developments and discusses parts of the plan relating to business and individual tax credits and benefits.

    Learning Objectives:
    After completing this course, the course participant should be able to:

    • Understand the changes in individual tax credits under the American Families Plan.
    • Identify the major ARPA changes with respect to COBRA rules.
    • Advance Premium Tax credit, and employment taxes.
    • Understand the tax developments with respect to life insurance.
    • Identify the changes IRS made on PPP expense deductibility.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Barbara Weltman
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    CPAR-2021 November, Seg. 1-2021 Emerging Enterprise Themes – Part II

    Miscellaneous

    Digital transformation is one of the top trends in 2021 and the pandemic helped accelerate the process. Several enterprises adopted ERPs in the cloud or next-gen ERPs, enabling them to access data remotely, others adopted robotic process automation, establishing rules and structured data to automate business processes, and others are somewhere in between. The COVID-19 crisis has triggered an acceleration in the adoption of finance technologies. Nilly Essaides, senior research director of finance, EPM and FinOps and Bill Marchionni, senior director, finance advisor at The Hackett Group, continue our segment on 2021 Key Issues identified in their survey and give us their insights on aggressive growth projections for several tools and solutions, the top growth areas for finance digital transformation and more.

     

    Learning Objectives:

    • Understand the meaning of a service delivery model and how it supports a business;
    • Identify the main concerns of moving the finance function into the cloud;
    • Recognize the importance of talent management and how it has transitioned; and
    • Understand the mentality of forward
    • thinking organizations.
    Advanced Preparation/Prerequisites: Work experience in a corporate staff environment, or an introductory course in management.
    Speaker/Author: Nilly Essaides, Bill Marchionni

    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Advisory Services
    2

    Is Communication Ever Enough?

    Soft Skills

    George Bernard Shaw once said "The single biggest problem in communication is the illusion that it has taken place." During the pandemic, companies seem to have to navigate two storms: the challenge of the pandemic itself and the challenge of effectively communicating, as almost overnight, they had to transition from their offices to their homes. COVID-19 not only changed the way we work and the space in which we work but also the way we communicate. We've all gone through various phases and luckily, the majority of us made it through to the other side. Gabe Zubizaretta, CEO of Silicon Valley Accountants, discusses some of the top characteristics of effective communication, especially during the crisis we are still facing.

    Learning Objectives:

    • Identify ways to determine communication effectiveness;
    • Determine project risk approaches during the pandemic;
    • Recognize how to make project prioritization sustainable; and
    • Identify how scheduled structure can help teams make additional time available.
    • Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in a corporate staff environment, or an introductory course in business law.
      Author/Speaker: Gabe Zubizaretta
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Management Services
    2

    Tax Developments on Tax-Exempt & Government Entities – Part I

    Nonprofits & Government

    On October 15, 2020, the IRS and the Treasury issued final regulations for determining the excise tax applicable to the net investment income of certain private colleges and universities. The guidance amends the Foundation and similar Excise Tax Regulations under 25 CFR part 53 by adding final regulations under section 4968 of the IRC. In addition to section 4968, there are proposed regulations on the excise tax on executive compensation under section 4960 and final regulations under section 512(a)(6) on unrelated business taxable income and siloing requirements. Eva Mruk, director of the Tax Exempt Advisory Group at PKF O'Connor Davies, LLP, discusses the upcoming changes and how they affect tax-exempt organizations.

    Learning Objectives:

    • Identify provisions the IRS focuses on with respect to nonprofit organizations;
    • Understand the changes in the final regulations under IRC section 4968;
    • Recognize the provisions on excise tax on executive compensation under IRC section 4960 proposed regulations; and
    • Identify the purpose of the final regulations on unrelated business income under IRC section 512(a)(6) and the offsetting activities to minimize tax.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Eva Mruk
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

    Tax Developments on Tax-Exempt & Government Entities – Part II

    Nonprofits & Government

    Tax exemption status has been taken for granted and a lot of organizations take advantage, and even though Form 990 is available to the public, the IRS feels there is not enough transparency. Organizations tend to forget that tax exemption is a privilege, not a right! Eva Mruk, director of the Tax Exempt Advisory Group at PKF O'Connor Davies, LLP gives us her views as to the rationale behind the IRS's position to start taxing nonprofit organizations and how this tax is different from a for-profit corporation tax. She also discusses the developments in donor-advised funds and the proposed regulations under IRC section 4567 and sheds some light on the IRS Modernization Plan and how it may potentially increase the risk of examinations.

    Learning Objectives:

    • dentify sanctions and regimes in place by Treasury and the IRS on NFPs;
    • Recognize the factors determining significant activities other than the charitable mission of an NFP;
    • Understand the benefits and potential tax implications on DAFs and sponsoring organizations; and
    • Identify areas in which the IRS is using technology, data analytics and data scans.
    Advanced Preparation/Prerequisites/Advanced Preparation: Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Author/Speaker: Eva Mruk
    SKILL LEVEL:
    Update
    DELIVERY TYPE:
    QAS Self Study
    FIELD OF STUDY:
    Taxes
    2

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