Accounting and Taxation
Future of Forecasting and Budgeting with Rolling Forecast
The current technology driven turbulent business environment presents many challenges to business managers. One primary challenge is the ability to predict and plan for the future which is unexpectedly unpredictable. Changes are constant. Companies struggle to find ways to manage resources and find ways to thrive and survive in this turbulent business environment.Traditional budgeting has been overtaken by ..
ChatGPT for Accountants
The introductory webinar covers what is ChatGPT?, What can it do?, the Uses of ChatGPT, Benefits for Financial tasks, and the benefits of common Financial usage. It examines the overall impact on Financial Services as well as the limitations and dangers of ChatGPT. It also introduces the second webinar in the series - Getting started in ChatGPT.Areas Covered Automated Customer Services Fraud Detection..
Start a Forensic Accounting Practice with Confidence
The need for a forensic accountant has grown in the last two decades, with more expected in the future. From oil well spills to divorces - from stealing trust funds to partnership disputes - forensic accountants are needed to find and calculate losses. They are financial detectives that are needed to explain the money story to attorneys, judges, and juries.If you are interested in starting a forensic accoun..
Estate And Gift Tax Review And Update
This session highlights the federal tax issues associated with estate and gift tax issues. Under current rules, few taxpayers are subject to estate and gift taxes given the doubling of the Unified Tax Credit (UTC) by the Tax Cuts and Jobs Act of 2017. However, the UTC is due to return to the pre-2017 figures adjusted for inflation in 2026. In addition, there is sentiment by the president and Congress to red..
The 940 – Properly Calculating and Paying Your FUTA Tax
The 940 calculates your total FUTA (Federal Unemployment Tax) owed for a calendar year. FUTA is a tax paid to the federal government and used to support state unemployment insurance programs. It is due on Jan 31st of each calendar year. FUTA is not to be confused with SUTA (State Unemployment Tax), paid throughout the year to any state you have employees in. However, SUTA payments paid on time minimize your..
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Crypto – Auditing Assets and Liabilities
Embark on a comprehensive exploration of the evolving landscape of cryptocurrencies and their increasing significance in financial ecosystems. This webinar is tailored for auditors, financial professionals, and anyone seeking a nuanced understanding of the challenges and opportunities inherent in the audit processes of crypto assets and liabilities. We’ll begin with a concise definition of cryptocurrencies ..
New Form 1099 Reporting Requirements: 2024 Compliance Update
1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with. Think of your own organization: Can you name all the types of service providers you use? Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable? There is a new 1099-k threshold for tax year 2023 that was slated fo..
Tales from the Darkside: IRS Enforcement of Cryptocurrency
Bitcoin and other cryptocurrencies have created a new generation of millionaires, with the benefit of anonymity. Whether the cryptocurrency is being used for criminal activity or held as a legitimate investment, the IRS is spending substantial resources in finding those who possess, purchase, and sell cryptocurrencies to ensure that the tax, banking, and money laundering laws are being followed.Are you or y..
False Tax Returns: Why CPAs and Their Clients Go to Prison
It is a crime to knowingly prepare a false tax return. Many return preparers are not aware of the severity of civil and criminal penalties for a false tax return. Not only can a CPA lose the ability to represent their client to the IRS, but the CPA can lose their CPA license and potentially go to prison. Every tax year, the IRS publishes various stories about how return preparers and their clients go to pri..
Management Accounting and the Cost of Quality
Managing quality is an imperative for any organization to remain competitive. Measurements of quality are essential, however supplementing that information with financial information further adds to success in managing quality.Ultimately the language of money is what executives and managers rely on to make better decisions.Unfortunately, most financial reporting neglects to report quality information such a..
Property Transaction Taxation
This session highlights the current tax rules associated with capital gains and losses because of the change in the COLA calculation from CPE-U to C-CPI-U. In addition, we look at the basis determinations resulting from the different ways to acquire property for business or personal use. Gifts, for example, received by an individual result in some challenges when determining a person’s gains or losses, whic..
Predictive Accounting: Driver-Based Budgeting and Rolling Financial Forecasts
This presentation involves the shift from historical reporting to predictive costing such as capacity-sensitive driver-based rolling financial forecasts, what-if analysis, marginal cost analysis (e.g., pricing), and target costing for new products and services.The annual budgeting process is being criticized as obsolete soon after it is published, prone to gamesmanship, cumbersome to consolidate cost center..
Accounts Payable Theft and Fraud
Tell-tale signs of accounts payable fraud include Increasing number of complaints about products or service, Increase in purchasing inventory but no increase in sales, abnormal inventory shrinkage lack of physical security over assets/inventory, charges without shipping documents, payments to vendors who aren’t on an approved vendor listAreas CoveredIdentification of: Duplicate PaymentsAbuse of Approv..
FASB Updates on Accounting Standards for Leases
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842). This update replaces the prior lease guidance issued in 2019 and provides new and updated requirements for financial accounting and reporting for both lessees and lessors. Lessees will feel the biggest impact of this update, as they are required to recognize the vast majority..
IFRS Provisions, Contingent Liabilities and Contingent Assets
Part of this standard’s purpose is to remove any ambiguity about the rules for establishing provisions, thus trying to establish consistency in the approach while still leaving some room for judgment.It is not always an easy balancing act, but this session will help you achieve that balance.Areas Covered Scope of this standardDefinition of items specific to this standardKnow how to account..