As a result of COVID-19, firms have to rethink how they conduct audits while preparers may face numerous financial reporting implications and challenges. During this session, we will review what the audit standards say about remote auditing, learn about higher risk audit and accounting areas to focus on, and review best practices so you can still put your best foot forward, even if it's from home.

In our online presentation you will have the ability to ask any Social Security Question you have which is not always the case in the on-site presentation.  come prepared to have an interactive and informative time.

Social Security is in the news more than ever as the baby boom generation is half way through qualifying for benefits. your clients who are nearing retirement want to know the best strategy for them to collect the maximum personal benefit from the program. learn the rules to be able to handle each client since there are no two financial situations that are the same.

Interest rates affect planning -- whether your client is creating a grantor retained annuity trust (GRAT) or making a Sale to a "Defective" Grantor Trust (Sale)...or simply loaning money to children. Understand how interest rates affect GRATs and Sales and how to avoid a "below-market" loan that could have potential gift and income tax consequences.

The session will provide a “Top Ten” list of issues, traps for the unwary and “unexpected foot-faults” that Estate Planners can experience specifically involving S Corporations. This includes not only gift tax and estate tax issues, but also situations involving Fiduciary Income Tax (Form 1041) return preparation as well as trusts being ineligible to hold S Corporation stock.

The AICPA Chief Auditor will discuss revisions to one of the core auditing standards; Audit Evidence (AU-C 500). The Audit Evidence standard has been revised to make it more relevant and effective in today's business environment. The revised standard provides the auditor with a robust framework for evaluating the sufficiency and appropriateness of information to be used for audit evidence by recognizing (1) the vast increase in sources of information available to auditors, (2) the use of emerging technology by management and auditors, and (3) the increasing need to exercise professional skepticism when evaluating audit evidence.

ASC 842 Leases presents implementation challenges for all practitioners. This session examines the most common issues and provides the participant ideas for managing these challenges.

The recent market downturn highlighted a huge issue with AUM fees: that revenues go down at exactly the time when your workload and client communications go up. The panelists will discuss their experience with three alternative models: monthly subscription fees, a pure hourly fee model, and flat monthly fees.

Kimberly Ellison-Taylor, National Commission on Diversity and Inclusion Vice-Chair and Past AICPA Chairman, will walk participants through the components of her June 9th Journal of Accountancy article entitled, “Together, we can make a difference: A 12-step plan to address racism and unconscious bias,” and provide additional context around how best to incorporate the steps.

Inherited retirement accounts must generally be liquidated and taxed within ten years after a person dies. However, if a tax-exempt charitable remainder trust is named as the beneficiary, the assets are not taxed upon receipt by the CRT. The assets will ultimately pass to a charity, but before they do they can provide an income stream to a beneficiary that will last for a lifetime. 

This session will answer:

When does such a CRT provide the greatest benefits?

What are the legal requirements that must be met?

Spousal lifetime access trusts (“SLATs”) planning can provide tremendous planning benefits for many married clients. They may well be the most popular technique to plan for married clients (and others) in 2020. The massive federal expenditures to restart the economy because of the Covid pandemic, according to many, will result in substantial tax increases, including the estate tax. 

Every practitioner needs to be comfortable and knowledgeable of SLAT planning and techniques. With proper tailoring for the current environment, a useful default estate and financial planning strategy are to employ non-reciprocal SLATs. This can provide a flexible framework for a wide range of clients and can achieve an array of planning goals. The technique can be adapted for modest estates needing life insurance trusts and vehicles to use some of the temporary high exemption, to ultra-high net worth clients requiring more aggressive tax-oriented estate planning, e.g. sales of discounted assets to a grantor trust. Many anticipate that the transfer tax system will be made harsher in the near future to help pay the government bailouts. Some variations of SLAT planning may remain useful to many married clients. This webinar will provide a practical how-to discussion of how to plan and draft a SLAT plan.