Insights: Webinar

New Rules, New Opportunities

Course Description:
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) recently issued ASC 606 – Revenue from Contracts with Customers, which outlines new revenue recognition standards for businesses across all industries, including manufacturing and distribution. These rules will impact when and how businesses recognize revenue for financial accounting and tax purposes, and are effective for some businesses beginning in 2018. In addition, the new Section 199A rules found in the Tax Cuts and Jobs Act have the potential to impact manufacturers and distributors. Planning now for these new rules will provide the best outcome for success in finding new opportunities.

Learning Objectives:
  - Discuss the new revenue recognition rules
  - Outline the changes between the old and new rules
  - Identify the potential financial accounting and tax impacts of the changes
  - Review Section 199A and how it impacts manufacturers and distributors
  - Discuss opportunities within the manufacturing and distribution industry

Adam Sweet, JD, LLM, Principal
Adam has extensive knowledge in the area of partnership tax including interpreting partnership agreements, allocation and distribution provisions, and issuing profits interests. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, and he assists with IRS controversy matters, including IRS exams and appeals hearing.

Andrea Mouw, JD, Principal
Andrea has more than 12 years of tax experience including federal, state, and international tax issues. She provides technical analysis and assists clients in resolving accounting method issues related to income and expense recognition, capitalization, cost recovery and inventories, including identifying and adopting appropriate accounting methods and filing accounting method change requests (Form 3115). Andrea also provides guidance regarding the Section 199 domestic manufacturing deduction and is familiar with the rules regarding the taxation of financial products and alternative investments.

CPE Information:
CPE Credits: 1 Hour
CPE Category: Taxes
Level: Basic
Delivery Method: Internet based Group

Additional Information:
No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 701.476.8773.

CPE Sponsors


Latest Insights

January 18, 2019
While having your audit team onsite can be stressful, there are certain steps you can take to reduce that stress and make the most of your audit.
January 17, 2019
In this installment of our Common Single Audit Findings and Remediation Series, we discuss the three distinct parts that make up Requirement “G.”
January 17, 2019
Here’s a list of what the IRS is and isn’t doing as the  partial government shutdown rolls on.
January 17, 2019
Eide Bailly recently sat down with Bill Stovall, CEO of Community National Bank in Texas, to hear his thoughts on the current state of the banking industry.
January 15, 2019
The back and forth on tariffs is wreaking havoc for many businesses. Here’s what you can do to help ease the pain.
January 15, 2019
If you are a farmer who sold to a cooperative in 2018, you will need to provide additional information if you’re looking to take advantage of deductions this tax season.
Find A Location