403(b) plans.* New relief for late rollovers and disaster victims.* Strategies for distributions before age 59.5.* Laws, regulations and IRS rulings concerning plan distributions.* Avoiding the 50 percent penalty on deficient distributions.* Integration of estate planning with distribution decisions.* Surviving spouse opportunities and dilemmas.* Self-directed IRA investment problems.*Form 990 as a one-size-fits-all reporting mechanism *Tips for gathering data and sequencing the preparation of Form 990 *Keys to getting the form right the first time *Addressing the presence of "related organizations" *Identification of managers and measurements of their compensation *Form 990 vs.
230, Audit Documentation, impacts governmental and not-for-profit audits *Recent Governmental Accounting Standards Board (GASB) activities directed toward state and local governments *GASB No.75 -- Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions *Implementation tips for the new Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) on not-for-profit financial reporting (ASU No. 197 amortizable intangibles regulations *How to allocate purchase price for tax advantage *Liquidations as alternatives to sales of a business *Planning to avoid double taxation under repeal of the general utilities doctrine *Special problems and opportunities when an S Corporation is the buyer or seller *Installment sale and interest issues *Bootstrap acquisitions *State tax issues *Unique issues in buying and selling of limited liability company (LLC) or partnership interests *Individually owned goodwill*Recognizing Why Clients Fail * Distinguish and Understand the Core Objectives of an Estate Plan * Implementation of the Core Objectives * Understanding the Needs of a Client * How to Gather Data * Disability Issues * Distribution Issues * Identifying Failures * Proper Selection of Fiduciaries*Recently issued FASB Accounting Standards Updates (ASUs), including an update on leases, revenue recognition and financial instruments *Current FASB projects *Recent PCAOB guidance *Latest activity from ARSC*Interest limitation rules, including election out for real property businesses and farmers.*Disability benefits *Going on Social Security -- advantages and disadvantages at ages 62, 66 and 70 *How to coordinate benefits -- take Social Security first and individual retirement account (IRA) distributions later, or vice-versa?*Pensions -- distribution strategies and how to use the minimum distribution rules along with Social Security *IRA and Roth conversions *Medicare and Part D prescription drug benefits*Review an error-prone staff-prepared Form 1040 from client-provided information *Common errors preparers make *Areas generating malpractice claims *Importance of engagement letters, questionnaires and the Sec.23 -- Omnibus Statement on Standards for Accounting and Review Services *Sample comprehensive engagement work programs for preparation, compilation and review engagements *Designing and performing procedures to meet each engagement objective *Reporting and disclosure illustrations for each level of service, including attesting on personal financial statements, prescribed form, special purpose framework and other engagement variations *Other communication requirements, such as sample engagement letters and management representation letters *Quality issues related to SSARS No.
21 engagements *Current Accounting and Review Services Committee (ARSC) projects*Overview of preparation, compilation and review guidance *Accounting and reporting issues *Current practice issues *Common peer review deficiencies and how to avoid them *Current and future standard-setting projects *Special purpose framework financial statement issues *Case studies *Latest developments*Lease classification *Lessee accounting model, including lease classification, amortization of the right-of-use asset and interest on the lease liability *Lessor accounting model, including transfer of risk, profit recognition and collectability *Amortization of the lease asset *Derecognition of the underlying asset *Recognition of lease receivables *Lease modifications *Sale and leaseback transactions *Presentation, disclosure and transition requirements *Comparison of the requirements of U. GAAP and international financial reporting standards (IFRS) *Private company considerations *Short-term leases *Purchase options *Variable lease payments*Private company standard-setting activities *Accounting Standards Updates (ASUs) *Update on revenue recognition and leases *Special purpose frameworks -- cash, modified cash and tax basis *Common financial statement errors and deficiencies *Statement on Standards for Accounting and Review Services (SSARS) 21 -- clarification and recodification, including the new preparation of financial statements non-attest service *Impact of SSARS 22 and SSARS 23 *Other types of attest engagements -- examinations, reviews and agreed-upon procedures on financial forecasts and projections, and pro forma financial information *Other third-party verification engagements*Engagement letters *Management representation letters *Yellow Book continuing professional education *The Government Accountability Office (GAO) and independence *Major program determination *Abuse *Fraud risk factors *Audit sampling *Documentation *Drafting findings *Schedule of expenditures of federal awards (SEFA) *Reporting requirements*Financial statement presentation, including the Financial Accounting Standards Board (FASB) new financial reporting standard *Statement of activities *Statement of financial position and statement of cash flow *Note disclosures *Contribution concepts *Functional expense and allocation of costs *Endowments *Operating versus nonoperating *Split-interest agreements and beneficial trusts *Membership dues *Agency transactions *Programmatic investments *Common financial statement mistakes*Key changes and challenges in the revised Yellow Book *Developing issues related to performing single audits under the Office of Management and Budget's (OMB) Uniform Guidance for Federal Awards *AICPA developments affecting governmental and not-for-profit audits *How AU-C Sec.704 rules for preventing the shift of tax consequences among partners or members *How to calculate basis under Sec. 465 *How recourse, nonrecourse and qualified nonrecourse debt can create very different tax results *Basis vs. 754 step-up in basis rules *The economic effect equivalence test or "dumb-but-lucky" rule*How trusts and estates are taxed under the internal revenue code *Trusts vs. complex trusts *How the income of a trust or estate is defined for tax purposes *Ordinary deductions and credits that are allowed *How the deduction for distributions to beneficiaries is determined *How trust and estate beneficiaries are taxed *Grantor trusts and how they are taxed *Form 1041 preparation*How to prepare various Form 1040 individual tax returns and schedules (with filled-in forms) *Due diligence requirements for the Child Credit and American Opportunity Credit *Tax filing status -- rules, planning opportunities and pitfalls *Dividends and interest -- ordinary, return of capital and capital gain distribution dividends; tax-exempt interest; original issue discount and more *Security transactions -- Form 1099-B, Form 8948, Schedule D, mutual fund sales and related basis issues *Self-employment issues *Schedule C deductions including depreciation *Sale and exchange of property -- Form 4797, depreciation recapture and capital gains *Passive losses -- rental property and how the passive loss rules flow to tax forms *In-depth look at itemized deductions -- what is and is not deductible *Interest deductions -- limitations and timing problems *Retirement contributions *Education credits and deductions *Child care credits and adoption tax credit *Tax computation -- kiddie tax, alternative minimum tax (AMT), regular tax, credits and more *Impact of recent legislation and changes to Form 1040*Latest legislative developments *Best new planning options to maximize joint Social Security benefits *Retirement benefits -- amounts in various circumstances and how they are distributed within the family *Qualification -- has the client retired?*How business entities may be used for Social Security advantage *Tactics to avoid Social Security income taxation *When a spouse should return to work *Spouse's benefits and how they relate to benefit decisions of the client *Hiring the spouse -- when is it effective?* Income tax treatment of distributions from pension, profit sharing, 401(k), IRA, Keogh and Sec.403(b) plans.* New relief for late rollovers and disaster victims.* Strategies for distributions before age 59.5.* Laws, regulations and IRS rulings concerning plan distributions.* Avoiding the 50 percent penalty on deficient distributions.* Integration of estate planning with distribution decisions.* Surviving spouse opportunities and dilemmas.* Self-directed IRA investment problems.* Roth IRA: The right choice?403(b) plans.* New relief for late rollovers and disaster victims.* Strategies for distributions before age 59.5.* Laws, regulations and IRS rulings concerning plan distributions.* Avoiding the 50 percent penalty on deficient distributions.* Integration of estate planning with distribution decisions.* Surviving spouse opportunities and dilemmas.* Self-directed IRA investment problems.* What is the significance of the Retirement Plan Beneficiary? Contingent Beneficiaries* Is a Trust a "Designated Beneficiary?