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* Form 709: gift tax reporting; the effect of the lifetime exclusion * Present interest versus future interest * The annual exclusion, what qualifies and how is it calculated * When are consenting spouses not required to file Form 709 * What gifts are excluded from gift tax reporting * Adequate disclosure requirements and the statute of limitations * Proper gift tax reporting of front-end loaded 529 qualified tuition plans * The inclusion of up-to-date revised forms and references * Calculation of unified credit and prior years credit re-calculation * Calculation of additional credit for decedent spouses unused exemption (DSUE)* 'Little GAAP' * New U. Accounting Principles * IFRS Convergence * Revenue Recognition * Leases * FRF for SMEs TM * The AICPA's New Code of Professional Conduct * COSO's Updated Internal Control-Integrated Framework * SSARS No.21: Clarification and Recodification * Auditing Matters on the Radar* Refining key planning and general auditing considerations to the not-for-profit environment * Characteristics of not-for-profit financial statements that require special attention * The auditor's consideration of fraud in auditing a not-for-profit entity * Audit procedures to become comfortable with management's recording and reporting of contributions and promises to give * Auditing how a not-for-profit entity gets from natural expenses to functional expenses * Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections and split-interest agreements * Considerations related to Yellow Book and single audits * The 2017 version of the course will also contain bonus coverage of the new ASU on not-for-profit financial statements (i.e., ASU No.2016-14) and a discussion of issues related to the revenue recognition standard*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing*SS update *Why CPAs should discuss Social Security with their clients *How CPAs should discuss Social Security with their clients *How CPAs can grow their practice by discussing Social Security with their clients*Reduction in individual and corporate tax rates *Taxation of pass-through entities *Deduction of home mortgage interest *State and local tax deductions *New alimony rules *Repeal of the Obamacare individual mandate *Standard deduction and itemized deductions *Child tax credit *Use of Sec.529 accounts *Survival of personal AMT and repeal of corporate AMT *Estate and gift tax *New limitations on business losses *New depreciation rules and §179 expensing *Business interest *Modification of NOL rules *New credit for employer-paid family and medical leave *Repatriation of foreign funds*Using the Add Text tool in Adobe Reader DC to fill scanned paper forms*Unlocking PDF forms with the Microsoft XPS Document Writer *Creating click-and-fill PDF forms using the Prepare Form tools*Automatically collecting form responses in an Excel workbook* Developments in hardware and emerging trends * Microsoft Windows 10 and Office 2016 * Security update -- a new day, with new risks * Mobility update -- best practices for taking it with you* Virtualization and what it can mean to your organization*The Cloud and where it belongs in your organization*Trends in financial statement closings including the Quick Close, Soft Close and Virtual Close *Review and discuss information systems' headaches that slow you down *Work through examples of close cycle "time killers" and how to resolve them *Get inventory and cost of sales under control *Identify the improvement projects that will yield the biggest benefit *Review what leading edge finance managers are doing to close more quickly*Changing Role of Financial Professionals: *Priorities *Change in mission *Valued-added actions *Strategic Measurements: *Common errors and guidelines for improvement *Balanced scorecard *Strategy development and implementation *Budgeting basics and next steps *Risk Management: *Recent lessons *Defining Enterprise Risk Management (ERM) *Implementation *Developing a Financial Leadership Pipeline: *Changing employment environment *Retaining the right employees *Compensation *Hiring process *Capital Projects: *Types of projects *Factors affecting capacity *Valuation techniques *Cash management *M&A Activity: *Current environment *Controller's role *Strategic questions *Sample transactions *Due diligence *Implementation *Introducing Improvements/Innovation: *Getting started *Establishing an environment *Potential first projects *Organizational structure* Examine the CPA's role in today's economy * Compare similarities and differences between individual and business ethics * Explore the link between ethics, integrity and scruples * Discuss the basic attributes of ethics and professional conduct * Review the history of the CPA profession and the CPA's requirement to adhere to ethics policies and codes of conduct * Review the AICPA's Code of Professional Conduct and a CPA's responsibilities to the public, clients and colleagues * Discuss the common rules and statutes faced daily in the CPA profession.Case studies may also be utilized to present potential ethical dilemmas CPAs may face during their careers *Review CPA Independence violations by current legal case examples*Differences between planning and budgeting *The business model *Strategic plan, marketing plan, and technology plan *Financial forecasting and financial risk analysis *Five-year operating plan and the sales/income plan *Intermediate planning and capital equipment planning *One-year operating plan and monthly planning *Cash plan and risk plan*The 20 common law factors in a worker classification audit that are used to distinguish an employee from an independent contractor *How disgruntled independent contractors can use IRS Form 8919 against a former employer *When and how to use Section 530 as a defense in worker classification audits *What is "industry practice" for Section 530 purposes *Common sense steps that will avoid characterization of workers treated as independent contractors as employees *The IRS's Voluntary Classification Settlement Program - advantages and disadvantages* Important changes affecting business income and deductions, C Corps, S Corps, disregarded entities, LLCs, partnerships, fringe benefits, qualified plans and employment taxes * Major provisions of recently enacted (and newly effective) federal tax legislation * Recent important court cases, regulations, rulings and related developments * IRS activity impact on planners and preparers * Meaningful IRS practice update affecting all taxpayers * "What's new" chooses us, we don't choose it - Find out what's chosen you*Understand Inventory Accounting - U. GAAP and International Accounting Standards for Inventory - The organization and working of inventory software - Types of variances and how software recognizes them*Creating basic Pivot Tables with the Excel Data Model and Power Pivot *Using external data sources with Power Pivot *Converting Pivot Tables into individual formulas that can be refreshed from the data source *Relating multiple tables with Power Pivot *Creating calculated columns and calculated fields using DAX functions in Power Pivot *Adding key performance indicators to Pivot Table reports*A deep discussion of actual fraud and unethical cases involving CPAs *A managing partner who lost everything he worked for in one hour *How false sign-off of work can cost you your license *How the compensation and control system brought down a CPA firm *Common immaterial amounts that are material ethics violations *How CPAs can be independent in fact, but not to a jury *How "willful blindness" can cost you your CPA license *Examples of CFOs and CEOs fired for unethical behavior that didn't involve money*Alternative to the habit of identifying transactions with cell formatting *Alternative to the habit of using leading spaces *Alternative to the habit of inserting blank skinny columns between data columns*SSARS No.21, Clarification and Recodification, and updates to SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services *SSARS No.
22, Compilation of Pro Forma Financial Information * Comprehensive sample engagement work programs for every level of SSARS No.
21 service * Complete illustrations of engagement letters, management representation letter, reporting and other required communications for every level of SSARS No.
21 service * Other current ARSC agenda items and projects* Asset allocation, portfolio management, portfolio rebalancing, and investment selection concepts, before and after retirement, tax-saving investment transactions, and the optimal asset mix between retirement plans and taxable savings * Historical guidelines for nominal and real after-tax returns * NEW expanded section on understanding expenditure patterns in retirement and the level and risk associated with out-of-pocket medical expenses in retirement * Worksheets/formulas for determining how much money one needs to assure a financially secure retirement * Distribution/asset liquidation planning including the pros and cons of various annuity options, guidelines/strategies using the minimum required distribution rules for qualified plans and IRAs, beneficiary elections, and the use of trusts * Sustainable portfolio withdrawal rates during retirement for differing stock/bond/cash asset allocations, inflation rates, and tax rates both from tax deferred accounts and taxable accounts * Analysis of the regular IRA to Roth IRA conversion election * Variable annuities vs. regular IRAs; and the use of life insurance in a pension maximization strategy * Analyzing the impact of recent tax law, regulations, and rulings* Shorten the time it takes to prepare a presentation * Organize content into a simple speech structure * Increase the impact of the opening and conclusion * Create stories and examples that are memorable * Connect with both technical and non-technical audience members * Speak in a way that enables audience to see presentation * Build credibility through word choices * Deliver message with ease, to any audience, at any time*Businesses operating as a C Corporation *Businesses operating as a pass-through entity *Converting to a C Corporation in 2018 *Adopting S Corporation status for 2018 *The impact of the 20% deduction on pass-through entities *Loss limitation provisions under the new tax legislation* Overview of the risk-based audit process * How the elements of the audit risk formula interrelate * Emphasis on overall risk, fraud risk, and control risk * Linking the assessed risk of material misstatement to the detailed audit plan * Documenting risk assessment conclusions and responses* Generally accepted accounting principles related to sales, including the new revenue recognition model * Using analytic procedures to identify and respond to risk of material misstatement related to sales * Common revenue recognition fraud schemes and potential audit responses * Installment sales and multiple element arrangement special considerations * Audit responses to significant risks requiring special audit consideration* Importance of quality control on audits * Why budgets are not used, and how to overcome the barriers to success * Determining useful budget amounts to use as a tool * Better engagement scheduling tips for improved efficiency * Making sure the client is ready on the first day of the audit * Delegating for professional development and leveraging audit hours * Handling difficult delegation scenarios * Better engagement wrap-up tips and techniques*Overview of the cube functions available in Excel*Understanding the Data Model and how to specify an intersection *Building cube formulas that can be copied down and across Creating reports using implicit and explicit measures* Creating your first macro in less than two minutes * Understanding macro fundamentals * Working with the macro recorder * Introducing Visual Basic for Applications * Useful macro techniques for accountants*Rethinking Risk Management: *Historic view *Challenges *Rules *Recent lessons *Required skills *Sources of Risk: *Economy *Competitors *Operations *Investments *Strategy *Compensation *Routine practices *Unethical behavior.
*Enterprise Risk Management (ERM): *Defining ERM *Areas of focus *Implementation *Planning for disasters *Business continuity *Contingencies *Analytical Tools: *Post-completion evaluations *Simulation *Z-score *Hedging *Brainstorming *Mind mapping *Delphi technique*FASB codification provisions for transactions with related parties, including business owners and special purpose entities.*Compares and contrasts those rules with the AICPA financial reporting framework for small and medium-sized entities.*Reviews the tax accounting related taxpayers standards,*Several real-life situations illustrate the various authoritative standards and discuss the consequences of failing to comply with those standards.*A deep discussion of actual fraud and unethical cases involving CPAs *A managing partner who lost everything he worked for in one hour *How false sign-off of work can cost you your license *How the compensation and control system brought down a CPA firm *Common immaterial amounts that are material ethics violations *How CPAs can be independent in fact, but not to a jury *How "willful blindness" can cost you your CPA license *Examples of CFOs and CEOs fired for unethical behavior that didn't involve money*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing* Overview of the audit process * Linking risk of material misstatement to the detailed audit plan * Tailoring standard audit programs based on assessed risk * Engagement team discussion agenda items and best practices * Evaluating the appropriateness of audit evidence * Common efficiency considerations by audit area* Private company standard setting activities * Recently issued FASB Accounting Standards Updates * Revenue recognition * Leases * Financial instruments * Recently issued SASs and other AICPA activity * SSARS No.
21, Clarification and Recodification * Attestation matters on the radar * Other important A&A practice matters* Cases, rulings, and tax law changes affecting S corporations * Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues * Use of redemptions: still some advantages * Planning for the liquidation of an S corporation * Tax issues for family ownership of S corporation stock * Impact of the tax on net investment income on sales of S corporation stock * Stock basis: Loss limitations, AAA, and distribution issues in depth * Debt basis: what the regulations on back-to-back loans mean to investors * Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance * Built-in gains: the 5-year recognition period is permanent * S corporation structuring: one class of stock * Methods of accounting * New legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates* FRF for SMEs T * SSARS No.