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18 and other attestation matters *Other important A&A practice matters* Typical audit risks and responses * Costing and capitalization, including capitalized interest * Key controls related to PP&E * Lease accounting requirements and practical application * Recent changes to U. GAAP related to lease accounting*Impacts of post-election legislation *Selected Practice and Reporting Issues: What's new?*Debts between entity and the investors: open-account and written debt; defining bona fide debt for back-to-back loans *Impact of the net investment income tax on the owners of pass-through entities, and planning for potential repeal *Impact of health care changes on pass-through entities *Any late-breaking tax legislation *Review of the year's most important business tax cases, revenue rulings, PLRs, etc.* Compensation planning in S corporations, including limitations in a family-controlled business * Use of redemptions * Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance*Compare and contrast the tax consequences, opportunities, and pitfalls of operating a business as a partnership, LLC, or S corporation *Gain a comprehensive understanding of income tax laws for S corporations from eligibility and election, to tax return preparation, stock basis, and loss limitation issues *Recognize and properly handle special pass-through items of income and expense *Accurately prepare S corporation returns and reconcile book income to taxable income *Accurately prepare partnership returns and reconcile book income to taxable income *Properly handle the tax treatment of distributions to shareholders, partners, or members *Understand the special restrictions and sanctions for tax year end selection *Review the basics of partnership and LLC formation and basis calculation *Self-employment tax or NOT, for each entity *Filling in K-1s correctly for S corporations, partnerships, and LLCs *How the Affordable Care Act affects tax returns *The most frequently used forms and schedules, including some form "oddities"*Private company standard setting activities *Recently issued FASB Accounting Standards Updates * Revenue recognition * Leases *Other items on the FASB's Technical Agenda *Recent SEC activity *Recently issued SASs, AICPA and PCAOB activity *SSARS No.*Critical aspects of performing single audits under the OMB's Uniform Guidance for Federal Awards *Developing issues and challenges involving the Yellow Book *Key AICPA developments affecting audits of governmental entities and a special look at identifying, evaluating, and communicating deficiencies in internal control *Recent GASB activities directed towards state and local governments with an emphasis on the new OPEB standards (i.e., GASB Nos.
2014-09 -- Revenue from Contracts with Customers *The Financial Accounting Standards Board (FASB) new five-step revenue recognition model *Presentation and disclosure requirements *Recent ASUs that provide implementation guidance *Industry-specific implementation issues and guidance *Identifying performance obligations *Accounting for licenses *Customer loyalty programs *Identifying a "material right" in an option *Impact on income taxes and financial systems *Other operational issues*Reduction in individual and corporate tax rates *Taxation of pass-through entities *Deduction of home mortgage interest *State and local tax deductions *New alimony rules *Repeal of the Obamacare individual mandate *Standard deduction and itemized deductions *Child tax credit *Use of §529 accounts *Survival of personal AMT and repeal of corporate AMT *Estate and gift tax *New limitations on business losses *New depreciation rules and §179 expensing *Business interest *Modification of NOL rules *New credit for employer-paid family and medical leave *Repatriation of foreign funds* Performing single audits under the OMB's new Uniform Guidance for Federal Awards * Developing issues and challenges involving the Yellow Book * Key AICPA developments affecting audits of governmental entities * Recent GASB activities directed towards state and local governments with an emphasis on the new OPEB standards (i.e. 74 and 75) and continuing issues related to the pension standards (i.e., GASB Nos.
*Property with Section 754 adjusted basis subsequently contributed to another partnership or corporation *Partners' capital accounts and method of maintaining them *Special allocations (allocating a taxable gain that has a book loss) *Review of final regulations on S corporation "open debt" *Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses *How IRS calculates CPA's reasonable compensation *Built-in gains and excess passive investment income tax *Taxable distribution in excess of basis and reporting issues to shareholders *Proper handling of accrued expenses payable to a shareholder *Update on new regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules *How Section 179 limitations affect partnership, LLC, and S corporation basis *Battling employee vs.
independent contractor questions and the Voluntary Classification Settlement Program (VCSP) *Advanced depreciation issues *Payroll tax penalty charged to outside accountants *Final regulations for allocating depreciation recapture to partners and members of LLCs*Impacts of post-election legislation *Selected Practice and Reporting Issues: What's new?
*A review of the key cases, rulings, and tax law changes affecting S corporations, partnerships, limited liability companies, and limited liability partnerships *Choice of entity issues: is the C corporation a viable choice?
*Basis issues: at-risk, passive activities for partnerships and LLCs *Self-employment taxes: are there major changes affecting S corporation shareholders on the horizon?
management *Business and strategic planning processes *Corporate culture *Lean management techniques and processes for improved efficiencies *Promoting and maintaining an ethical culture *Recruiting, retaining and developing employees *Project and change management *Communications, listening and presentation skills *"Managing up" and how to master it *Business strategy and the controller *Accounting department best practices*Banking trends for Minnesota and the region *Current M&A activity and pricing trends -- public and private *Recent economic trends and their impact on community bank performance *Examination and regulatory hot buttons *Key management issues for 2018 *Asset-liability issues *Funding and capital planning *Current accounting hot topics *CECL update*Why cost accounting is a bad practice *Cash flow and capacity modeling -- why they work better than cost accounting *The adaptive capacity model *Metrics vs.