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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.

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.

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.

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

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

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.

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.

Partnerships are a unique taxable entity, partly because partners can generally share items of income, deductions, gains and losses, based on any predetermined percentage. These allocations, however, must have substantial economic effects. S corporations are similar to partnerships because both S corporations and partnerships are flow-through entities, meaning no tax is paid at the entity level. This segment will discuss how to determine substantial economic effect, as well as the importance of distribution equalization and its impact on S corporation elections.

Learning Objectives:

• Identify the key features of qualified business income deduction,
• Understand the implications of shareholder distributions in an S corporation,
• Recognize the differences of basis calculation between S corporations and partnerships, and
• Understand the four tiers of losses that individual taxpayers have to go through in order to take a loss on their individual tax return.

Tax Reimagined is a technology-enabled holistic approach created by KPMG to help organizations develop and implement a customized operating model for their tax and finance functions. KPMG Partners Irene Shen and Richard Cimino discuss how companies can reduce costs, mitigate risks, improve quality, and drive more strategic value across the organization.

Learning Objectives:

• Recognize the important stages of the tax reimagined approach
• Describe the key findings from the 2021 KPMG Outlook Survey
• Recognize the challenges faced by tax functions today
• Apply the guiding principles for technology investment in the tax function

A successful accountant is one who has the ultimate trust of their colleagues, clients and the general public. One of the most important aspects of maintaining this trust is the CPA's unwavering ethical principles, both personally and professionally. The AICPA Code of Professional Conduct calls for CPAs to follow a set of specific rules and to always "act with integrity, objectivity, due care, competence, and to fully disclose any conflicts of interest." This program will provide the CPA with a thorough understanding of 2 intertwined ethical concepts - confidentiality and conflict of interest.

Learning Objectives:

• Apply the definition of confidential information to both private industry and public accounting.
• Differentiate exceptions to the CPA's ability to release confidential client information.
• Recognize various situations in which conflicts of interest typically arise.
• Identify the three steps in addressing conflicts of interest and the two types of conflict of interest disclosure.

There have been a number of new developments in the tax world. Barbara Weltman, President and Founder of Big Ideas for Small Business, reports on tax law changes made by the IRS as well recent court cases that had implications relating to a number of tax issues. She also describes the highlights from the IRS Priority Guidance List and the National Taxpayer Advocate's midyear report.

Learning Objectives:

• Describe the new regulations proposed in the Responsible Financial Innovation Act
• Recognize the implications of recent court cases on foreclosure, portability, and the statute of limitations
• Recognize changes made to the Cost Segregation Audit Technique Guide, the CP-14 Letter and the FIRE system
• Describe the highlights of the recently released IRS Priority Guidance LIst as well as the National Taxpayer Advocate's report

Congress enacted the Foreign Corrupt Practices Act of 1977 in response to revelations of widespread bribery of foreign officials by US companies. There have been a number of amendments to FCPA passed since then. The FCPA provisions have serious implications for US companies and their employees. John Fleming, who has lectured on accounting topics for decades, reviews its major provisions in detail.

Learning Objectives:

• Recognize the importance of the Foreign Corrupt Practices Act (FCPA)
• Describe the amendments that have been made to the FCPA since 1977
• Recognize implications of the FCPA's accounting provisions
• Describe the compliance provisions contained within FCPA

Corporate tax executives have listed transfer pricing as one of their top priorities for decades. Due to the impact of income allocations on a company's bottom line, accountants must be extremely careful when tax planning and documenting their efforts. Grant Thornton's Steven Wrappe explains the key issues relating to transfer pricing, why they are hard to resolve, and how your organization can deal with the implications.

Learning Objectives:

• Recognize why transfer pricing is a significant tax issue
• Describe what transfer pricing is and what makes it unique
• Recognize what makes transfer pricing hard to resolve
• Describe what an Advanced Pricing Agreement is

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

Speaker/Author: Steven Wrappe

With the advent of technology, the accountant has moved far beyond the traditional role of bookkeeping and payroll. Technologies such as cloud-based data management, process automation, and advanced analytics are elevating accountants to the level of a financial business partner. David Culley of Future Finance Training expands on his first segment exploring technological change in the accounting world and discusses how to take the accounting and technology partnership to the next level.

Learning Objectives:

• Recognize how to leverage technology to go from being a descriptive to a prescriptive finance business partner -Distinguish and leverage the soft skills of the future accountant
• Recognize the best way to optimize shared services in a technologically inter-connected world
• Identify what the accountant's role in the future will be

Prerequisites/Advanced Preparation: Work experience in tax planning, tax preparation or review, and knowledge of information technology.

Speaker/Author: David Culley

Model methodology and testing are considered by many to be the most crucial part of a CECL validation implementation. An effective validation helps ensure that models are sound, and all model components, including input, processing, and reporting, should be subject to validation. Ivan Cilik, a Partner, and Sean Statz, a Senior Manager, both with the accounting firm Baker Tilly, explain the importance of the validation process and the best practices in use today.

Learning Objectives:

• Recognize the process involved with CECL model validation
• Identify the different methods being used to estimate credit loss
• Recognize the best practices for doing a validation
• Describe the model replication approach

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

Speaker/Author: Sean Statz, Ivan Cilik

This past year has produced several key developments in the tax world. Regular CPA Report commentator Barbara Weltman recaps the 2022 highlights and looks ahead to 2023. She reviews the many new IRS rates brought about by cost of living adjustments due to inflation. This segment is also meant to prepare tax preparers for the upcoming filing season.

Learning Objectives:

• Describe the changes to the required minimum distribution rules brought about by the Secure Act
• Identify the new contribution and other retirement-related figures for 2023
• Describe the many changes in 2023 IRS rates that resulted from the cost of living adjustments
• Recognize the critical developments in taxes that occurred in 2022

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

Speaker/Author: Barbara Weltman

Accounting for not-for-profit organizations is different from accounting for a for-profit entity. Allen Fetterman, a national instructor on accounting and auditing issues, reviews all aspects of accounting for not-for-profit entities. He reviews the accounting for revenues, expenses, gains, and losses. He also describes the different reporting formats that not-for-profits use and provides several examples of the accounting and different formats.

Learning Objectives:

• Recognize how not-for-profit organizations account for investments
• Describe what an endowment fund is, along with the associated accounting requirements
• Recognize how not-for-profit organizations account for revenues, expenses, gains, and losses
• Describe how not-for-profit organizations allocate expenses among funds

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

Speaker/Author: Allen Fetterman

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.

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.

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.

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.

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

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.

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.

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.

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

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

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.

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

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

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

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

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

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.

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.

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

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.

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.

The history of sustainability has changed over the years. It began as a form of corporate philanthropy but has since evolved significantly to focus on value creation and the significance of ESG in today’s world. Jeremy Osborn, Global Head of ESG representing AICPA-CIMA, describes where we are with Environmental, Social, and Governance (ESG) initiatives today and emphasizes the role accountants play in supporting sustainability reporting.

Learning Objectives:

• Recognize the meaning of sustainability today
• Describe the role that accountants play in supporting sustainability
• Recognize the impact that the Task Force on Climate-related Financial Disclosures (TFCD) is having on the ESG movement
• Describe the activities of three major sustainability initiatives inspired by the TFCD

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

Speaker/Author: Jeremy Osborn

The current expected credit loss (CECL) standard is one of the most significant accounting changes in decades. It affects how companies evaluate the impairment of financial assets such as loans, receivables, and investments in debt securities. Ivan Cilik, a Partner, and Sean Statz, a Senior Manager, both with the accounting firm Baker Tilly describe the major aspects of the CECL standard and explain the significant challenges of its implementation.

Learning Objectives:

• Recognize why FASB issued a new standard dealing with credit loss
• Describe the key elements of the CECL standard
• Identify the disclosure requirements brought about by the CECL standard
• Recognize the challenges involved with implementing the CECL standard

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

Speaker/Author: Ivan Cilik, Sean Statz

As the business world becomes digitally interconnected, cybersecurity and data protection have become major priorities for most organizations. Ben Doane, Director of Cybersecurity Managed Services, and Rick Burtt, Director of Enterprise Managed Services, both with Mazars USA, discuss why cybersecurity is important, how to prepare for cyber threats and what to do on the day after.

Learning Objectives:

• Recognize the impact of a ransomware event
• Identify what's important when dealing with a cyber-attack
• Recognize the risks when paying a ransom after a cyber-attack
• Describe the steps a company should take to protect itself from cyberthreats

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

Author/Speaker: Ben Doane, Rick Burtt

The world of tax is constantly changing based on Tax Court decisions, new federal laws, and developments at the IRS. Tax expert Barbara Weltman reports on some recent Tax Court cases relating to conservation easements, the reasonable cause defense, and constructive dividends. She also updates new IRS per diem rates for business travel, fee changes for enrolled agents and actuaries, and new reporting rules for digital transactions.

Learning Objectives:

• Recognize the implications of recent Tax Court cases related to conservation easements
• Describe the rules that apply to remote workers living in another state or country
• Identify the eight examples of a reasonable cause defense -Recognize the recent changes made by the IRS to per diem rates for business travel

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

Speaker/Author: Barbara Weltman

Accounting for a not-for-profit organization is different from accounting for a for-profit organization. It involves objectives, concepts, and terms not used in for-profit financial reporting. Allen Fetterman, a national instructor on accounting and auditing issues, reviews what makes a not-for-profit organization unique, including discussing all aspects of contributions and the different types of restrictions that often go with them.

Learning Objectives:

• Describe the unique characteristics of a not-for-profit organization
• Recognize the sources of accounting principles for not-for-profit organizations -Describe the different aspects of contributions
• Recognize the implications of restrictions on contributions

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

Speaker/Author: Allen Fetterman

The modern accountant is not only expected to know their numbers and have great presentation and soft skills, but also needs to understand the ever-changing economic environment. These macro changes often have a keen impact on the accountant's daily decisions about financial statement preparation and analysis, vendor payments, customer borrowing terms, investments, acquisitions, and consolidations, to name a few. One of the most recent, and perhaps the most talked about, changes is the rapid increase in prices. Today's inflation seems to be a fact, but what does it mean for accountants and their daily jobs? Kyle Tushaus, a Managing Partner of New West Capital, specializes in the value investing approach. In this program, he discusses the definition of inflation, the calculations behind CPI, and the impact of today’s economic environment on the accounting profession.

Learning Objectives:

• Differentiate between the two economic theories used to understand how inflation manifests itself.
• Apply the two types of Consumer Price Index (CPI) calculations.
• Identify the importance of inventory method selections, capital expenditures, and depreciation expense calculations during an inflationary environment.
• Recognize the impact of supply chain disruptions and commodity price increases on the economic environment of today.

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

Speaker/Author: Kyle Tushaus

The ever-increasing complexity of business transactions combined with more public and regulatory scrutiny has proved to be a challenge for both standard setters and finance professionals. The FASB consistently strives to reduce complexity in financial reporting for all stakeholders. Sean Prince is a partner at the national office of Crowe LLC and is the firm’s formal liaison with the Financial Accounting Standards Board. He covers FASB’s most recent Invitation to Comment and their plans for financial reporting transformations that will impact all finance professionals.

Learning Objectives:

• Identify how the FASB is reducing complexity in accounting standards
• Determine accounting treatment for digital assets & software development costs
• Recognize ESG accounting implications
• Distinguish FASB projects that will result in either a proposed or final standard soon.

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

Speaker/Author: Sean Prince, CPA

Whether a worker is an employee or an independent contractor is almost as famous as Shakespeare's "to be or not to be''. It is critical that companies correctly determine a worker's status. Timothy Dreyer, a tax consultant and educator with over 44 years of high-profile Big 4 and IRS experience, explains the factors that need to be considered when determining whether a worker is an employee or an independent contractor.

Learning Objectives:

• Recognize the categories of control that must be considered when classifying a worker as an employee or independent contractor
• Describe the key factors that determine behavioral control
• Recognize the important questions to ask when determining financial independence -Describe the major considerations that help define the type of relationship between a worker and a company

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

Speaker/Author: Timothy Dreyer, J.D.

The September 2022 edition of the CPA Report looked at The Inflation Reduction Act of 2022. This month we look at additional details of the Act related to the premium tax credit and the purchase of electric vehicles. Tax expert Barbara Weltman also reports on other tax developments related to alimony, retirement payments, FBAR reporting, business travel, and other topics.

Learning Objectives:

• Recognize the implications of the Inflation Reduction Act on the premium tax credit and the purchase of electric vehicles
• Describe ways to delay or minimize taxes on required minimum distributions
• Recognize what's new relating to FBAR penalties -Describe key elements of the Biden Loan Forgiveness program

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

Speaker/Author: Barbara Weltman

Statements on Standards for Tax Services, or SSTSs, are tax standards that apply to all members of the AICPA. In August of 2022, the AICPA released an Exposure Draft that would update the SSTSs and create new standards around data protection, reliance on tools, and representation before taxing authorities. Nick Preusch, Tax Manager with YHB CPAs, provides a review of the ED and its implications.

Learning Objectives:

• Recognize why the AICPA Task Force developed an Exposure Draft to update the Statement on Standards for Tax Services (SSTSs)
• Describe the major issues addressed in the SSTS Exposure Draft -Recognize how the SSTSs differ from Circular 230
• Describe the importance of maintaining tax quality control.

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

Speaker/Author: Nick Preusch

Nearly 15 years ago, the usage of Bitcoin began at an almost hobbyist level. However, after multiple cycles of extreme exuberance and extreme pessimism, today’s attention from institutional investors and regulators alike points to the fact that crypto assets are here to stay. Vincent Papa, Associate Director at the European Financial Reporting Advisory Group (EFRAG), discusses pertinent topics like balance sheet classification, valuation and “proof of work” mining.

Learning Objectives:

• Determine crypto asset classification on the balance sheet.
• Recognize the steps required for the “proof of work” mining process.
• Distinguish various crypto asset valuation techniques.
• Identify the reporting options available to issuers of crypto assets.

An Enterprise Risk Management program helps companies manage risks and accomplish business goals. John McLaughlin, Executive Director and Founder of ERM Exchange review the key aspects of an ERM program, including the role of culture, how to assess your ERM program, and the keys to tying ERM into overall company strategy.

Learning Objectives:

• Recognize the steps in starting an ERM program
• Describe how ERM ties into a company's strategy
• Recognize the role of culture in enterprise risk management
• Describe the goals of business risk assessment

Today’s accountants must stay current and agile when leveraging the many technological tools at their disposal. The strategic accountant needs to utilize technology to maximize this agility. Kimberly Ellison-Taylor, CEO of KET Solutions, focuses on innovation, strategy, transformation, and inclusive leadership in the accounting profession. She offers guidance for leveraging technology to become a strategic accounting partner.

Learning Objectives:

• Apply cloud solutions to maximize flexibility in the work environment and manage software costs
• Use technology to mitigate risk, increase efficiency and contribute to strategy.
• Identify ways to take ownership of digital transformation and surface as a technological leader.
• Formulate optimal approaches to change management related to technology

The Inflation Reduction Act of 2022, passed in August, is a nearly $800 billion spending package that aims to reduce healthcare costs and combat climate change. Barbara Weltman, President and Founder of Big Ideas for Small Business reports on the major tax aspects of the bill. She also reviews several other recent tax developments that impact charitable contributions, the portability election, deposits and advance payments, and the Section 179D deduction.

Learning Objectives:

• Recognize the tax implications of the Inflation Reduction Act of 2022
• Describe the tax-related provisions of the CHIPS and Science Act of 2022
• Recognize how deposits and advance payments are treated for tax purpose
• Describe what to do to avoid the trust fund recovery penalty

The significant relief funding that resulted from the government's response to COVID has benefited both for-profit and not-for-profit entities. However, it has created a lot of angst for auditors and auditees trying to deal with all the requirements that came with the money. Marci Thomas, an author and Principal at Nonprofit Board Resource, reviews the issues related to conducting Single Audits and offers suggestions on what auditors can do to make sure they perform quality audits.

Learning Objectives:

• Describe what is involved with a Single Audit
• Recognize the role of the Uniform Guidance
• Recognize the challenges faced by for-profits that come from provider relief funding
• Describe what auditors can do to prepare for Single Audits in today's environment

Professional accountants, whether in business or public practice, have been viewed as ethical leaders in society. The profession's Code of Ethics imposes on accountants a responsibility to act ethically. Diane Jules, a Director of the International Ethics Standards Board for Accountants (IESBA), discusses her organization's Code of Ethics and why having a code is important. She also reviews the impact of organizational culture, technology, and diversity and inclusion (D&I) on ethics.

Learning Objectives:

• Identify the fundamental principles of ethics developed by the International Ethics Standards Board for Accountants (IESBA)
• Recognize the role of organizational culture in creating an appropriate ethical environment
• Describe what accountants can do to deal with the pressures that can lead to a breach of ethics
• Recognize why independence is so important to the accounting profession

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

Speaker/Author: Diane Jules

In today’s corporate world, it has now become very much part of the Board of Directors’ duties to see that there are frameworks and policies around ESG. Helle Bank Jorgensen, founder, and chief executive of Competent Boards, has over 30 years of experience evaluating ESG risks and opportunities for leading Fortune 500 and smaller and medium-sized businesses. She shepherds us through an analysis of current and future implications related to ESG for board members and financial executives at today’s leading companies.

Learning Objectives:

• Identify how the Board’s role is evolving to accommodate corporate and societal needs of the future
• Distinguish and use stakeholder input on Board purpose and function related to company operations and success
• Identify recent SEC proposals and that of other regulatory bodies related to environmental, social, and governance issues
• Recognize board competencies necessary to manage ESG issues effectively

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

Speaker/Author: Helle Jergensen

ESG has been a hot topic in the political and business worlds for years and is now drawing much attention in accounting. Katherine Smith, Executive Director of the Center for Corporate Citizenship, reviews the SEC's recently issued proposals that would help improve ESG disclosures and suggests some new ways of thinking about ESG and accounting.

Learning Objectives:

• Describe the SEC's proposed climate disclosure rules
• Recognize the new ways to think about ESG and accounting
• Describe the things that companies should consider relating to managing ESG issues
• Identify the different regulators that are establishing ESG-related rules

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

Speaker/Author: Katherine Smith

The Consolidated Appropriations Act 2023 finalized the government's budget for the fiscal year 2023. Barbara Weltman, a prolific speaker and author on tax issues, reviews the Act and provides an update on several tax issues impacting individuals and businesses. Topics include SECURE Act 2.0, the R&D credit, clean energy credits, uncertain tax positions, new government rates for 2023, and revisions to some tax forms.

Learning Objectives:

• Describe the highlights from the Consolidated Appropriations Act, 2023
• Recognize the changes brought on by Secure Act 2.0
• Describe new developments relating to the Research and Development (R&D) credit
• Recognize some of the new government rates for 2023 impacting employees and employers

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

Speaker/Author: Barbara Weltman

• Describe the four activities that would jeopardize the tax-exempt status of a nonprofit organization.   
• Recognize what is meant by a rebuttable presumption of reasonableness
• Describe the rules for tax-exempt organizations as it relates to lobbying
• Recognize how operating an unrelated trade or business can impact tax-exempt status

A digital currency wallet allows you to send, receive, and spend digital assets like Bitcoin and Ether. Mark Eckerle, a Senior Manager and Team Leader of Withum's digital technology and blockchain technology, reviews all aspects of crypto wallets. Topics discussed include the different types of wallets, internal control considerations, and public versus private blockchain.

Learning Objectives

• Describe the main types of crypto wallets
• Recognize the internal control considerations related to crypto wallets
• Describe what a blockchain is
• Recognize the differences between a public and private blockchain

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

Speaker/Author: Mark Eckerle

According to the results of a 2020 Global Multinational Corporation (MNC) Tax Survey, transfer pricing ranks at the top of the complexity scale. In this segment, Grant Thornton's Steven Wrappe tries to make it more understandable by offering an innovative seven-step approach to transfer pricing. He also discusses the controversies surrounding this challenging topic and reviews recent trends and their implications on corporations today.

Learning Objectives

• Recognize a seven-step approach to transfer pricing
• Describe how to determine a method for testing the fairness of your transfer pricing
• Recognize the documentation requirements and associated penalties relating to transfer pricing
• Describe the recent trends in transfer pricing

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

Speaker/Author: Steven Wrappe

Accountant–client privilege is a confidentiality privilege, or more precisely, a group of privileges, defined in American federal and state law. CPAs have an ethical duty to keep their client information confidential. However, CPAs and other financial professionals often receive subpoenas related to their client’s confidential information. This segment discusses the responsibilities of the CPA or financial professional when served with a subpoena and how to balance that with the obligation to protect client confidentiality.

Learning Objectives

• Identify what documents are required by a subpoena and what is included in the definition of “documents.”
• Recognize situations in which accounting and finance professionals are involved in the subpoena process
• Distinguish several ways to respond to a subpoena while prioritizing client confidentiality
• Identify how to raise objections to and reduce the scope of subpoena demands

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

Speaker/Author: David Richan

There were several Tax Court cases in 2022 that guided on issues such as emotional distress vs. physical injury, compensation vs. nontaxable gifts, and documentation for Net Operating Loss Carryforwards. Resident tax expert Barbara Weltman reviews those cases and other topics, including the claim-of-rights doctrine, Section 1202, IRS guidance for clean energy credits, amended returns, and getting ready for the upcoming tax season.

Learning Objectives

• Describe the claim-of-right and rescission doctrines
• Recognize the implications of Code Section 1202
• Describe the IRS guidance for clean energy credits
• Recognize new IRS developments that tax return preparers need to know for 2022 returns

Prerequisites/Learning Objectives: Work experience in tax planning or tax compliance or an introductory course in taxation.

Speaker/Author: Barbara Weltman

The IRS allows certain types of organizations to have tax-exempt status. There are, however, several steps a nonprofit organization needs to take to obtain tax-exempt status. Allen Fetterman, a national instructor on accounting and auditing issues, reviews those steps and the different types of tax-exempt entities. He also looks at the benefits of tax-exempt status and all considerations involved in the documentation of charitable contributions.

Learning Objectives

• Describe the steps involved in becoming a tax-exempt organization
• Recognize the benefits of tax-exempt status
• Describe the difference between a public charity and a private foundation
• Recognize the considerations for documenting a charitable contribution

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

Speaker/Author: Allen Fetterman