2022 Audit & Accounting and Federal Tax Updates

Join us for our Fall Audit & Accounting (A&A) and Federal Tax Updates.

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

Federal Tax Update 2022

Our Federal Tax Update includes a comprehensive review of the tax changes that have occurred so far this year affecting both individuals and businesses. We will also discuss possible changes on the horizon with new tax legislation and regulatory guidance.

We are offering this update as a series of virtual workshops. Please join us for one or all of the sessions.

Federal Tax Update Schedule:
Friday, October 28
10:30 a.m. - 12:30 p.m. CT 

Wednesday, November 16
10:00 a.m. – 12:00 p.m. CT

Friday, December 2
10:30 a.m. – 12:30 p.m. CT 

Friday, December 16
10:30 a.m. – 12:30 p.m. CT  

Friday, January 13, 2023
10:30 a.m. – 12:30 p.m. CT  

Session 1 Topic: Highlight Changes for the 2022 Filing Season, Legislative Developments and Overview of the Upcoming Federal Tax Update Sessions

Friday, October 28, 2022 | 10:30 a.m. - 12:30 p.m. CST  

Learning Objectives:

• Identify noteworthy changes for 2022 tax year.  
• Define key planning and compliance considerations for businesses and individuals. 
• Summarize expiring tax provisions.  
• Discuss recent developments in proposed and enacted tax legislation along with an outlook on midterm elections. 
• Generalize the key components of the upcoming federal tax update sessions. 

Presenters:
John Gupta, Principal/State and Local Tax Practice Leader
Crystal Schultz, CMI, Senior Manager
Melissa White, CPA, AEP®, Senior Manager
Mel Schwarz, JD, CPA, Director of Legislative Affairs
Jenny McGarry, CPA, DBA, National Tax Office Senior Manager
Gabe Schreiber, CPA, Senior Manager
Jared Johnson, EA, Principal, Director of Global Mobility Services

CPE Information: CPE Credits: 2
Field of Study:  Taxes
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge

Session 2 Topic: A Focus on Partnerships and S Corporations, Including a Review of New Legislation, Regulatory Guidance, and Court Cases.

We will also discuss planning opportunities and common transactions we are seeing in the marketplace.

Wednesday, November 16, 10:00 a.m. – 12:00 p.m. CST  

Learning Objectives: 

• Identify current issues affecting passthrough taxation for the entity and its owners. 
• Analyze Schedule K-1, K-2 and K-3 reporting. 
• Discuss the status of the passthrough entity tax election (i.e., the SALT Cap Workaround). 
• Review the treatment of partners and self-employment tax. 
• Summarize notable court cases from the last year.  

Presenters:  
Adam Sweet, J.D., LL.M., Principal-in-Charge of Passthrough Entity Consulting
Todd Laney, CPA, Senior Manager
John Gupta, Principal-in-Charge of State and Local Tax
Aaron Boyer, CPA, Senior Manager

CPE Information: CPE Credits: 2
Field of Study:  Taxes
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge

Session 3 Topic: Take a Deeper Dive into the Numerous Tax Provisions, Credits and Environmental Incentives Enacted by Recent Legislation

Friday, December 2, 10:30 a.m. – 12:30 p.m. CST

Learning Objectives:

• Analyze the enhanced environmental incentives created by the Inflation Reduction Act. 
• Describe other relevant credits and provisions for the 2022 tax year (e.g., R&D credit, ERC, & the ACA's enhanced PTC). 
• Discuss 2022 small taxpayer procedural guidance and other relevant tax topics. 
• Explore tax effects of the new GAAP leasing standard. 

Presenters:  
Joe Sawatske, Principal, Energy Incentives | Eide Bailly
Kristin Gustafson, PE, CEM, BEMP, LEED AP, Director of 179D, Energy Incentives | Eide Bailly
Mark Rogers, Principal, Business Credits & Incentives | Eide Bailly
Jim Donovan, CPA, Partner-in-Charge of R&D Tax Incentives | Eide Bailly
Jesse Wutkee, CPA, Partner | Eide Bailly
Tonya Rule, CPA, Partner-in-Charge of Health Care Reform | Eide Bailly
Jenny McGarry, CPA, DBA, National Tax Office Senior Manager | Eide Bailly
Andrea Mouw, J.D., CPA, Partner-in-Charge of Accounting Methods and Periods | Eide Bailly

CPE Information: CPE Credits: 2
Field of Study:  Taxes
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge

Session 4 Topic: Investigate Key Year-end Topics Including Retirement and Estate Planning, the State of the IRS, Payroll Tax Reporting, and Timely Legislative Issues

Friday, December 16, 10:30 a.m. – 12:30 p.m. CST 

Learning Objectives:

• Summarize current tax issues affecting retirement planning and wealth transition.  
• Investigate Secure Act 2.0. 
• Assess the IRS operations and a hot topic discussion from Eide Bailly's tax controversy group. 
• Discuss timely and relevant legislative issues such as potential year-end tax "extenders". 
• Define current payroll tax topics and reporting issues. 

Presenters:  
Ava Archibald, EA, Principal-in-Charge of Wealth Transition Services | Eide Bailly
Ben Peeler, J.D., CPA, LL.M., Partner-in-Charge of IRS Tax Controversy Services | Eide Bailly
Angie Ziegler, CPP, Principal | Eide Bailly
Mel Schwarz, JD, CPA, Director of Legislative Affairs | Eide Bailly
Jay Heflin, Assistant Legislative Director | Eide Bailly

CPE Information: CPE Credits: 2
Field of Study:  Taxes
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge

Session 5 Topic: Jump-start the New Year Mindful of Recent Tax Legislation and Relevant SALT and International Tax Updates

Friday, January 13, 2023, 10:30 a.m. – 12:30 p.m. CST 

Learning Objectives:

• Analyze the new and pending tax legislation. 
• Discuss recent developments affecting international tax issues. 
• Explore the latest trends in state and local tax including the SALT Cap Workaround. 
• Investigate tax planning techniques for the new year.  

Presenters:  
John Gupta, Principal-in-Charge of State and Local Tax
Crystal Schultz, CMI, Senior Manager
Shannon Smith, CPA Partner-in-Charge of International Tax
Mel Schwarz, JD, CPA, Director of Legislative Affairs
Jay Heflin, Assistant Legislative Director

CPE Information: CPE Credits: 2
Field of Study:  Taxes
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge

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 continue to be in compliance with generally accepted accounting principles (GAAP).

Our fall A&A update covers all ASUs effective for 2022 financial statements and beyond, as well as emerging accounting issues related to the Employee Retention Credit (ERC) and Pass-Through Entity (PTE) taxes. 

Fall A&A Schedule:

Thursday, October 20, 2022
10:30 a.m. – 1:30 p.m. CT

Thursday, October 27, 2022
10:00 a.m. – 1:00 p.m. CT

Session 1 Topic: Leases

Thursday, October 20, 2022 | 10:30 a.m. – 1:30 p.m. CT
Leases (Topic 842): The new standard provides significant changes regarding accounting, presentation and disclosure for leases. It’s important to understand the potential impact the standard could have on your entity from both a financial reporting and a tax perspective. This session will also address frequently asked questions regarding implementation as well as implementation lessons learned.

Learning Objectives:

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

Presenters:
Kellen Garrison, CPA, National Assurance Sr Manager  | Eide Bailly
Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly

Session 2 Topic: Credit Losses, Other Emerging Accounting Topics and Assurance Updates

Thursday, October 27, 2022 | 10:00 a.m. – 1:00p.m. CT
Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. While the ASU will have a significant effect on financial institutions, it will also impact non-financial institution entities that have certain financial instruments (including trade receivables) included in the scope of the update. The ASU shifts away from current GAAP of waiting until credit losses are probable to a model based on expected losses. 

Various other ASU’s covering topics that include accounting guidance and updates for: revenue recognition, receivable recognition, income taxes and much more. Pass-through entity taxes and Employer Retention Credit (ERC) issues and questions. A summary of the changes to audit, review and attestation standards. 

Learning Objectives:

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

Presenters:  
Angie Hillestad, CPA, CGMA, Partner | Eide Bailly  
Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly  
Ann Glenz, CPA, Partner | Eide Bailly  
Katie Hulquist, CPA, National Assurance Senior Manager  | Eide Bailly

CPE Information: CPE Credits: up to 3 hours of credit each session for a total of 6 hours
Field of Study:  Auditing & Accounting
Level of Knowledge:  Update
Delivery Method:  Group-Internet Based

A&A Update Presenter Bios:

Angie Hillestad, CPA, CGMA, Partner 
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.

Ann Glenz, CPA, Partner 
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.

Katie Hulquist, CPA, National Assurance Senior Manager 
With over 11 years of public accounting experience, Katie provides assurance services to a variety of industries, including manufacturing and distribution, healthcare, financial institutions, employee benefit plans, and other compliance areas. She helps keep clients up to date with new accounting standards and offers them help with any business decisions they are making.

Kellen Garrison, CPA, National Assurance Sr. Manager 
Kellen has over eight years of public accounting experience providing audit, accounting and consulting services to our commercial, healthcare system, electric utility and telecommunication clients.

Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance 
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. 

Federal Tax Update Presenter Bios:

Aaron Boyer, CPA, Senior Manager
Aaron has over ten years of tax experience covering a variety of industries; for the last eight years he’s specialized in international taxation. Aaron is considered a technical expert in international taxation and frequently advises clients on corporate and individual structuring (both into the US and abroad), US tax withholding/compliance on payments to foreign persons, tax treaty analysis, foreign tax credit utilization strategies and US international tax compliance (e.g. 1118/1116, 5471, 5472, 8858, 8865, 8621). He lead Eide Bailly’s implementation of the international provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and leads Eide Bailly’s efforts related to ongoing US tax proposals on international tax. Aaron frequently speaks on international tax matters such as cross border structuring, GILTI, FDII, FDAP withholding / reporting and international tax compliance (including international tax considerations for non-profit entities such as colleges and universities).

Adam Sweet, J.D., LL.M., Principal-in-Charge of Passthrough Entity Consulting
Adam leads Eide Bailly's Passthrough Entity Consulting group. He has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing compensatory equity. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, tax credit partnerships, as well as a variety of IRS controversy matters. Adam also leads Eide Bailly’s Opportunity Zone working group.

Andrea Mouw, J.D., CPA, Partner-in-Charge of Accounting Methods and Periods
Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients. Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization and cost recovery. She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the TCJA including section 163(j), section 168(k) and small taxpayer accounting method opportunities as well as issues related to virtual currency and debt instruments and modifications.

Angie Ziegler, CPP, Principal
Angie has 20+ years of accounting experience for large and small businesses in a variety of industries. She provides accounting services to all types of business owners. Whether it's detailed technical accounting work or payroll demands, she and her team serve as the outsourced accounting department. They provide payroll processing and compliance reporting services, prepare and file payroll tax returns in almost all 50 states, and provide guidance for businesses on day-to-day payroll activities, federal and state notices, garnishments and tax updates. Angie also frequently presents on employment-related accounting topics.

Ava Archibald, EA, Principal-in-Charge of Wealth Transition Services
Ava specializes in helping clients plan for the future success and prosperity of their businesses and families. Since 2006, she has provided Eide Bailly clients with her expertise in transition and estate planning, as well as gift and fiduciary compliance and overall financial planning. Ava provides estate, gift and fiduciary compliance, and tax planning services with a special emphasis in wealth transfer and estate planning. She assists clients with the development and execution of their estate plan and advises them on establishing lifetime gifting strategies such as the use of GRATs, IDGTs, charitable trusts, family partnership and sales to grantor trusts. Ava also presents in educational workshops and seminars on estate, gift and fiduciary tax and wealth transition opportunities.

Ben Peeler, J.D., CPA, LLM., Partner-in-Charge of IRS Tax Controversy Services
Ben joined the firm early in 2014 with many years of tax experience, both as an attorney and an accountant. He specializes in federal tax, controversy and procedure work, assisting clients in the areas of income tax, estate and gift tax, property tax, sales and use tax, estate planning and many other tax matters. Ben's vast experience includes representing clients before the IRS, as well as representing the IRS before the US Tax Court and during litigation before the federal district courts as a special assistant to the United States Attorney. Today, Ben leads the firm's IRS Practices & Procedures as a federal tax, controversy and procedure specialist and serves on Eide Bailly's National Tax Office team that is committed to helping clients resolve their tax issues.

Jay Heflin, Assistant Legislative Director
Jay brings more than two decades of legislative experience to his job as Assistant Director of Tax Legislative Affairs in Eide Bailly’s Washington D.C. office. In his current position, Jay provides political intelligence and tax legislative guidance to the firm on the progress of tax legislation on Capitol Hill. Prior to joining the firm, he was a director at the tax lobbying shop Federal Policy Group, LLC, where he tracked tax legislation in Congress and participated in lobbying efforts to amend tax legislation. Before joining the Federal Policy Group, he was a Congressional reporter for several news organizations where his beat was tax policy. Prior to becoming a reporter, Jay worked as an accountant where he prepared several tax returns. He graduated from Butler University with a B.S. in Accounting.

Jenny McGarry, CPA, DBA, National Tax Office Senior Manager  
Jenny joined Eide Bailly’s National Tax Office in 2022. She has spent most of her career serving mid-sized clients in the areas of tax, wealth management, and banking. Most recently she was an assistant accounting professor at Western Illinois University. Within the firm she works on tax communications and assists with the firm’s learning and development.

Jesse Wutkee, CPA, Partner
Jesse provides tax consulting services to clients throughout the country. He helps clients benefit from research and development tax credits at the federal and state level spending a majority of his time in the technology, manufacturing, construction and agriculture industries. He represents clients before federal and state tax authorities to support their R&D credit claims.

Jim Donovan, CPA, Partner-in-Charge of R&D Tax Incentives
Jim has more than 20 years of tax consulting experience helping clients benefit from federal and state incentives, including credits for activities most consider a necessity to remain competitive in today’s global market. Jim oversees the employee retention credit and R&D tax credit practices and is a leader in the Business Credits & Incentives space. He also assists clients in sustaining their credits if examined by a federal or state authority. Jim has authored articles on tax incentives and actively presents on business credits and incentives at conferences and webinars.

Joe Kristan, CPA, Partner
Joe works primarily with closely held businesses to help clients succeed by finding a tax-friendly path to their goals. In addition to client service, Joe teaches practitioner tax schools and writes tax articles. He is principal contributor to the Eide Bailly Tax News and Views blog, providing daily updates on tax reform and other tax news. Joe is a Certified Public Accountant, as well as a member of the AICPA Tax Section and the Iowa Society of Public Accountants.

Joe Sawatske, Principal, Energy Incentives
Joe has over 13 years of experience in helping taxpayers realize tax incentives through the construction, renovation and design of energy efficient real estate. As the head of Eide Bailly’s Energy Efficiency Incentives (EEI) group, Joe oversees a national team of Professional Engineers, energy modelers and HERS Raters. The growing EEI group is 14 strong with extensive experience in performing 179D deduction, 45L credit and ENERGY STAR studies.

John Gupta, Principal-in-Charge of State and Local Tax
John has over 25 years of experience working in state and local taxation matters. He specializes in tax policy, planning, controversy and compliance across all areas of state and local taxation including income/franchise/gross receipts taxes, sales/use taxes, credits and incentives. John has managed hundreds of state tax cases with state tax authorities across the U.S. and has broad industry experience. He is a sought-after thought leader and speaker related to state and local taxes.

Kristin Gustafson, PE, CEM, BEMP, LEED AP, Director of 179D, Energy Incentives
Kristin leads the 179D department and is a Professional Engineer licensed in 49 states. She is also a certified building energy modeling professional with over 15 years of consulting experience, and helps clients identify and pursue opportunities for specialty services including 45L, Energy Star Certifications, and utility incentive programs.

Mark Rogers, Principal, Business Credits & Incentives
Mark has over 18 years of experience helping taxpayers identify and implement tax saving strategies made available through building, acquiring, renovating and designing property. As a leader in the Business Credits & Incentives arena, Mark oversees a national team of CPAs, Professional Engineers, energy modelers, LEED professionals, architects, HERS raters and construction specialists. The BCI group has professionals with wide industry experience performing fixed asset planning, 179D energy deduction, cost segregation, 45L energy credit, 45Q CCS credit, tangible property regulations and construction tax planning studies.

Mel Schwarz, JD, CPA, Director of Legislative Affairs
Mel has over 37 years of experience specializing in legislative affairs, including development and implementation of tax legislation at the national level. He spent 6 years on the staff of the Joint Committee on Taxation and has served as the chairman of the Tax Legislation Committee of the AICPA. He spends his time at the capitol meeting with legislators, listening in on updates impacting tax processes and procedures and providing timely updates and education on issues and opportunities impacting clients. He is a sought-after speaker for many AICPA, TEI and FEI conferences.

Shannon Smith, CPA, Partner-in-Charge of International Tax
Shannon leads the firm’s International Tax team with more than 20 years of public accounting experience and a diverse background in both the consultative and compliance service areas of international tax. She is experienced in the areas of inbound and outbound international tax planning and compliance issues for both companies and their shareholders. Shannon works closely with HLB International member firms to assist clients with international structuring and identifying tax efficient entry into new markets. She is responsible for assisting clients, educating staff and providing thought leadership on a variety of international tax matters.

Todd Laney, CPA, Senior Manager
Todd has over 10 years of public accounting experience providing clients with income tax compliance and tax advisory services. He helps our clients navigate the complex issues of partnership taxation and assists teams in turning their operating agreement into usable models and a finished compliant work product. Todd specializes in federal and state pass-through entity taxation, including interpreting partnership agreements, allocations, and distribution provisions. He also provides tax and consulting services to clients in the areas of business entity choice, partnership taxation, investor relations, and waterfall distributions.

Tonya Rule, CPA, Partner-in-Charge of Health Care Reform
Tonya has 20+ years public accounting experience providing tax and consulting services to individuals and businesses. She currently leads the Firm’s Health Care Reform specialty services and helps businesses with the rules surrounding the Affordable Care Act. She assists large employers with the compliance requirements, Forms 1094-C and 1095-C, and she also advises them on very technical rules that many employers and advisors aren't aware of. In addition, she works with small businesses who are planning on expanding their current operations to make sure they are doing everything from measuring their employees correctly to deciding on the best insurance plan for their business. Tonya regularly works with clients on various ACA IRS notices and has been very successful in getting most of these penalties abated.