International Tax Considerations for Nonprofits
Jun 9, 2021 9:35am ‐ Jun 9, 2021 10:50am
Identification: NOT2151
This session will cover compliance and other issues for nonprofits contemplating international expansion and/or investments. The session will explore considerations for nonprofits engaging in activities outside of the US.
Many of the US international tax provisions do not contemplate exempt organizations and thus, applying the foreign filing instructions can be challenging. This session is meant to help organizations and practitioners understand when US filings are required. In addition, the session will cover the changes for several of the foreign filings. However, it will focus on the changes to Form 5471, as a result of TCJA, including useful tips when there are no tax consequences to the organization.
Many of the US international tax provisions do not contemplate exempt organizations and thus, applying the foreign filing instructions can be challenging. This session is meant to help organizations and practitioners understand when US filings are required. In addition, the session will cover the changes for several of the foreign filings. However, it will focus on the changes to Form 5471, as a result of TCJA, including useful tips when there are no tax consequences to the organization.
- Understand items to consider for nonprofits contemplating international expansion.
- Examine foreign filing requirements
NFP's Greatest Hits: Top 10 Challenges Facing Organizations Today
Jun 9, 2021 9:35am ‐ Jun 9, 2021 10:50am
Identification: NOT2152
Industry leaders will identify the top challenges facing not-for-profits today. This session will provide participants with key takeaways to help manage these issues and convert these challenges to opportunities.
- Identify the top challenges facing the nonprofit industry today.
- Determine ways to overcome these challenges.
Retirement Plan Management: Implementing a Prudent & Repeatable Process
Jun 9, 2021 9:35am ‐ Jun 9, 2021 10:50am
Identification: NOT2153
The program will provide an overview of the fiduciary requirements and responsibilities under ERISA. We will present a step by step plan for implementing a prudent process for managing retirement plans. Finally, we will review a case study that takes a plan through an annual fiduciary calendar that covers both plan and participant level procedures to ensure prudence and measure success.
- Develop a step by step process for managing retirement plans, reducing fiduciary risks and monitoring prudent experts.
- Identify and manage manage fiduciary risk for retirement plan administrators, sponsors and committee members.
Don't Lease Your Understanding...Own it!
Jun 9, 2021 11:50am ‐ Jun 9, 2021 1:05pm
Identification: NOT2154
This session provides an overview of the lease accounting standards. It will discuss key components and recent activities modifying the standards. We will review practical implementation examples and identify tools to help you or your clients apply these standards at their not-for-profit organization.
- Analyze key components and recent accounting standard updates
- Determine how to implement the standard in not-for-profit organizations through examples and relevant tools
A Roadmap to Quality: Let the AAG-GAS Direct You!
Jun 9, 2021 11:50am ‐ Jun 9, 2021 1:05pm
Identification: NOT2155
If you need assistance understanding and applying the special considerations required in a GAS audit (Yellow Book) or single audit, the AAG-GAS in your roadmap. No need to take unnecessary detours, we will explore the up-to-date information and expert guidance on single audits and Uniform Guidance compliance requirements.
- Understand the content of the AAG-GAS
- Evaluate unique audit requirements for GAS and Uniform Guidance audits
- Use the illustrative reports to comply with GAS and Uniform Guidance
Turning Disaster into an Opportunity (to Help)
Jun 9, 2021 11:50am ‐ Jun 9, 2021 1:05pm
Identification: NOT2156
The course will cover the different opportunities available to nonprofits to provide relief during disasters and what taxpayers need to qualify under section 139 related to having a non-employee status. In addition, we will focus on items such as grants, grantmaking restrictions, general welfare, charitable class and hardship relief. We will also discuss what constitutes a federally declared disaster, look at disaster relief from the perspective of private foundations, examine the IRS allowance of employees donating their unused vacation time to disaster victims, the creating of new disaster relief organizations in an expedited fashion and the information reporting requirements to disaster aid recipients.
- Understand opportunities available to nonprofits to provide relief during disasters.
- Understand grants the general welfare exclusion and when reporting may be required.
Successful Audits From an Auditee's Vantage Point
Jun 9, 2021 11:50am ‐ Jun 9, 2021 1:05pm
Identification: NOT2157
This session will provide practical guidance on how your Finance team can plan and prepare for an effective and efficient audit.
- Distinguish good practices for an efficient audit and apply to your entity.
- Determine the key attributes of preparing for and executing a successful audit at the lowest cost to your organization.
See No Evil, Hear No Evil, Speak No Evil - Professional Skepticism!
Jun 9, 2021 11:50am ‐ Jun 9, 2021 1:05pm
Identification: NOT2158
Professional skepticism is a cornerstone to a well planned and conducted audit, yet many professionals find themselves caught in the threat of familiarity; particularly as we have been operating in a "new normal" these past 18 months. This session will explore what it takes to remain professionally skeptical and help teams identify threats.
- Identify threats to professional due care and exercising professional judgment that arise
- Analyze case examples of what "right" looks like when professional skepticism was employed and what "wrong" looks like when threats intervened and guided decision making
- Understand how the change in work environment and technology has impacted threats and opportunities
Remote Auditing - Tips, Tricks, Traps
Jun 9, 2021 1:20pm ‐ Jun 9, 2021 2:10pm
Identification: NOT2159
This session will cover remote auditing considerations in the COVID environment, both for auditors and NFPs. This will include best practices for auditors related to engagement management, tips for using technology to accomplish audit objectives, and potential audit risks presented by the virtual environment. This also will include best practices for NFPs being audited in a remote environment, providing tips for getting through the audit effectively.Â
- Identify and respond to risks presented by auditing in a fully virtual environment
- Explain ways to promote an effective and efficient virtual audit
Single Audit Q&A
Jun 9, 2021 1:20pm ‐ Jun 9, 2021 2:10pm
Identification: NOT2160
This year, in particular, has had many more single audit questions than usual due to the significant influx of federal funding in response to the COVID-19 pandemic. This session will include a panel of presenters to answer your single audit questions, as well as to address other commonly asked questions they receive as part of their work on the AICPA's Governmental Audit Quality Center Executive Committee.
- Learn about important single audit concepts through coverage of commonly asked single audit questions.
- Learn about the impact of COVID-19 funding on single audits.