Audit & Accounting and Federal Tax Updates

Join us for our Fall Federal Tax Update and Audit and Accounting Update to learn more about recent ASUs and current federal tax topics!

(Note: If you joined us for the Audit & Accounting Update this spring, the fall sessions will cover similar content, just in a different format of three two-hour sessions. You are only eligible to receive CPE credit for attending one A&A Update series, not both the spring and fall sessions.)

We look forward to having you!


Audit & Accounting Update

One constant in accounting is change. The Financial Standards Accounting Board (FASB) is continually working with financial statement users and other stakeholders to improve accounting and financial reporting. Each year, the FASB issues new Accounting Standards Updates (ASU) to accomplish this goal.

It’s important that entities maintain an awareness of what standards are on the horizon to ensure their accounting and financial statements continues to be in compliance with Generally Accepted Accounting Principles (GAAP).

Our fall A&A update covers all ASUs effective for 2021 financial statements and beyond, as well as accounting issues related to the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP).

Topics covered by date:


Leases


Thursday, October 28, 2021 10:30 a.m.-12:30 p.m. CDT

ASU 2016-02 Leases. The new standard provides significant changes for leases that can be complicated depending on the complexity of the lease terms. It’s important to understand the potential impact the standards could have on your organization for both financial reporting and tax purposes.

Presenters:
Angie Hillestad, CPA, CGMA, Partner | Eide Bailly
Since 2007, Angie has been providing audit services to a variety of industries, including nonprofits with and without Federal grants and affordable housing entities. In her primary role as a member of Eide Bailly’s National Assurance Office, she is responsible for providing quality control, oversight, and support to the Firm's assurance team.

Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly
Scot joined the firm in 2002 and is a highly experienced public accountant, serving privately held companies, employee benefit plans, governmental entities and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with acquisitions. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations.

Kristin O’Connor, CPA, National Assurance Sr Manager | Eide Bailly
Kristin joined the firm in 2012, she primarily provides services to health care entities. Kristin works with organizations on understanding the impact of accounting changes and disclosure requirements and assists clients on financial statement analysis. Kristin plans, performs and supervises financial statement audits as well as provides Uniform Guidance to health care and nonprofit organizations which receive federal funds.


Revenue Recognition, CARES Act, Upcoming ASUs and Assurance Updates


Thursday, November 4, 2021 10:30 a.m.-12:30 p.m. CDT

Various other ASUs covering topics that include accounting guidance and updates for: revenue recognition, receivable recognition, income taxes, and much more.

Employer Retention Credit (ERC) and Paycheck Protection Program (PPP). In the ever-changing environment of government assistance and regulation, change is the one constant. The Employer Retention Credit and Payroll Protection Program loans are no exception. Learn about recent accounting guidance provided on these programs.

Presenters:
Ann Glenz, CPA, Partner | Eide Bailly
Since 2004, Ann has been providing public accounting services to a variety of clients, including SEC registrants, manufacturers, general commercial entities, investment companies and nonprofit organizations. Ann not only assists in developing policies, procedures and improvements firmwide, she puts her knowledge to work in researching and proposing guidance that addresses issues throughout the firm.

Marilyn Brindle, CPA, Partner | Eide Bailly
Marilyn has approximately twenty-five years' experience in accounting and auditing, which includes sixteen years in public accounting and nine years of management level experience with a governmental entity. She was the Quality Control Partner for her previous firm, where she was responsible for coordinating and leading the quality control activities within the firm.

Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly
Scot joined the firm in 2002 and is a highly experienced public accountant, serving privately held companies, employee benefit plans, governmental entities and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with acquisitions. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations.

Learning Objectives

  • Review updates from the Financial Standards Accounting Board
  • Discuss impacts of these changes to standard accounting practices
  • Determine new processes to adapt to these changes
  • Review updates to the audit, review and attestation standards

CPE: Up to 2 hours of credit each session for a total of 6 hours.


Federal Tax Update – 2021

As the challenges of the pandemic have continued into 2021, so has the need for individuals and businesses to remain current on new tax rules and regulations. Our Year-End Federal Tax Update includes a comprehensive review of the changes that have occurred so far this year, as well as an examination of the proposed tax law changes that may affect both individuals and businesses if passed into law this fall.

We are offering this update as a series of virtual workshops. Please join us for one or all four workshops by year-end and for a bonus session in January.

Topics covered by date:

Tax Planning Tips, Limitations on Business Losses, Claiming the Employee Retention Credit and Other Payroll Tax Credits

Friday, November 5, 1-3 p.m. CDT

Learning Objectives:

  • Discuss tax planning tips and key considerations for businesses and individuals
  • Outline current business loss limitation provisions, including the section 461(l) Excess Business Loss provisions, and the net operating loss provisions
  • Explore section 165(i) Disaster Relief Information
  • Examine key issues in claiming the Employee Retention Credit and Qualified Sick and Family Leave Credits
  • Review IRS operations & recent guidance on FAQs and refund claims

Presenters: Joe Kristan, Mac Stevens, Jim Donovan, Angie Ziegler


Qualified Opportunity Zones, PPP Forgiveness, Accounting Methods and IRS Audit Update

Wednesday, November 17, 1-3 p.m. CST

Learning Objectives:

  • Explore tax benefits from investing in Qualified Opportunity Zones
  • Review recent developments in PPP forgiveness and SBA Guidelines for the EIDL; identify next steps
  • Outline IRS Audit Updates including information related to micro-captives, penalties and conservation easements
  • Examine the Bipartisan Budget Act and its impact on IRS audits and partnerships
  • Outline accounting methods available for small taxpayers and reverse method planning considering potential legislation

Presenters: Adam Sweet, Ben Peeler and Andrea Mouw


Tax Legislation Update: Proposals and Enactments from Capitol Hill

Wednesday, December 1, 1-3 p.m. CST

Learning Objectives:

  • Discuss recent developments in proposed and enacted tax legislation
  • Identify possible action steps and planning opportunities
  • Discover how the legislative landscape impacts the succession of your wealth
  • Explore key international tax considerations, including GILTI and FDII

Presenters: Mel Schwarz, Jay Heflin, Ava Archibald, Aaron Boyer


Choice-of-Entity, SALT Cap Workaround, Business Interest Expense and the Qualified Business Income Deduction

Wednesday, December 15, 1-3 p.m. CST

Learning Objectives:

  • Analyze impacts on choice-of-entity decisions
  • Identify advantages under Section 1202 for the Qualified Small Business Stock Exclusion
  • Review the Section 199A deduction for Qualified Business Income
  • Examine the Net investment income tax and the impacts of potential legislation
  • Outline key depreciation and amortization considerations including bonus depreciation, QIP and other opportunities
  • Discuss the section 163(j) interest deduction limitations
  • Explore structures for the State and Local Tax (SALT) Cap Workaround to shift tax from owner to pass-through entity

Presenters: Mac Stevens, Andrea Mouw, Adam Sweet, John Gupta, Mark Rogers


BONUS Session

Topic: To be determined based on latest developments
Friday, January 14, 2022 1-3 p.m. CST


Additional Information:
This is a Group-Internet Based Webinar. All webinars are listed in Central time. No prerequisites or advanced preparation required.

The same content, Financial Accounting Standards Board (FASB) updates, will be covered in both the spring and fall sessions. Note: You are only eligible to receive CPE credit for attending one A&A Update series, not both the spring and fall sessions.

Each participant looking for CPE must register individually to receive a unique join link. This link will be tied to your name and email address. Sharing of connection links and/or group viewing will not count for CPE credit

For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge.

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