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The Association (unified voice of AICPA & CIMA) and CPA.com launched a shark-tank style startup accelerator four years ago with a focus on FinTech and EdTech solutions. Its purpose is to foster innovation and bring emerging technologies to the accounting profession. Investment into new technologies and solutions is critical for not only staying ahead of the curve, but providing client-centric service. In this session, you will hear about trends in FinTech developments and see the startup companies that make up the 2021 cohort. These solutions have a leading role in a diverse range of categories including: crypto-asset management, financial impacts of climate change, accounting task automation and cash flow management.
Objectives:
- Discover trends in FinTech that are impacting the profession and your role
- Hear from the front lines of designing new tech for business
- Learn about the 4 startups that are members of the third cohort of the Association and CPA.com Startup Accelerator
- Get inspired to rethink how you can leverage emerging technologies to be ahead of mass adoption
46 million Americans now own bitcoin. Yet, only a few tax professionals understand how to help individuals and businesses dealing with cryptocurrency. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients affiliated with cryptocurrency. We will also cover current developments surrounding this topic, such as the inclusion of the virtual currency question on the front of Form 1040, how to successfully navigate through tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A), and tax planning opportunities.
Objectives:
- Understand the tax implications of investing in cryptocurrency, running a mining
- Learn about challenges in dealing with cryptocurrency related clients
- Apply tax planning opportunities
As a profession, CPAs are at the tipping point of fully harnessing artificial intelligence, RPA, and analytics with ease. The market has accepted that these technologies will impact every function a CPA is already performing - audits, reviews, transaction services, risk advisory, fraud, and controls management. Firms and enterprises alike are investing in technology and skill development, while preparing for massive transformation. In addition, CPAs, with their technical mindset, commitment to continuous professional development, and close affinity to critical business data, are well positioned to deliver value using these technologies.
But technologies like AI, RPA, or analytics in-and-of-itself have a hard time standing on their own - in fact, 70% of transformation projects fail. BCG partner Sylvain Duranton says the real formula for success is: Algorithms (10%) + Technology (20%) + People & Process (70%). Is this the magic needed to create the AI-powered human, where judgement is greatly enhanced by technology?
Join to learn from our insights over the past 5 years, and how to get your team ready for the shift to becoming a technology-powered firm.
Objectives:
- Fundamentals of AI, RPA and analytics
- Criteria for successful change management
CPACharge was specifically designed to give CPAs and accounting professionals a simple and secure way to accept client payments online. Plus, there are no long-term contracts, setup fees, or cancellation fees. Watch our quick demo and see why over 150,000 professionals trust us to help them get paid faster and more reliably.
Objectives:
- Discover ways you can optimize your processes to get paid quicker and easier.
- Explore the best practices for accepting payments in your firm.
The Personal Financial Specialist credential is the only CPA-exclusive financial planning credential that builds on your CPA foundation. As a CPA working with individuals and families, its only natural that topics like tax, estate, retirement, investment, and risk management planning (and much more) are a part of your client relationships. They trust your objectivity, integrity, and professional competence as you seek out answers and recommendations for them. Learn how this valuable experience working with clients can streamline the process to obtain the CPA/PFS credential.
Join Dave Stolz, CPA/PFS & chair of the PFS Credential Committee, and Dan Snyder, CPA/PFS & director of AICPA's PFP Division as they explain the program and answer your questions.
Objectives:
- Learn why CPAs are so well positioned to provide integrated financial planning for their clients.
- Understand the requirements of the new PFS experienced CPA pathway.
- Discover how the PFS program, coupled with the PFP Section, can benefit your firm.
This session will cover the best 2021 retirement tax planning strategies, following a year that upended even the best-laid plans. The program will show CPAs how to react to the most recent tax changes, including the SECURE and CARES Act and more. Most clients will need to have their current retirement tax and estate plans revised based on the recent tax rule changes.
Objectives:
- Identify the retirement tax planning areas where advisors can add the most value and increase consulting income.
- Recognize the latest tax and IRA distribution decisions from recent cases and rulings. These will apply to your clients who are relying on you for the right advice before making major decisions affecting their retirement savings.
The aftermath of COVID-19 has required many CPAs to help clients during their most unusual time. This session will use a panel approach to address what is a distressed business and how CPAs and advisors can advise clients with their options. Panelists will bring their real world examples to illustrate the professional role in assisting business owners through their most challenging time.
Objectives:
- Identify the basics of a distressed asset sale
- Explain how to structure the sale
- Recognize how to avoid a distressed asset sale
- Outline a Section 363 sale
- Summarize an overview of Section 382 loss limitations
LLC CHAPTER HIGHLIGHTS
• CARES Changes Have Special Mention for Partnerships
• Tax Cuts and Jobs Act Makes Few Changes to Partnership Tax Law
• IRS Launches Website for Streamlined Partnership Audit Process
• IRS Adds Reporting Requirements to Form K-1
• IRS Says Small Partnership Abatement of Late Filing Penalties Not Automatic
• Doctor’s Surgery Center K-1 Income Not Subject to SE Tax. Why Not?
• Attorneys’ Law Practice K-1 Income Subject to SE Tax. Why?
S CORPORATION CHAPTER HIGHLIGHTS
• Minimal Changes to S Corporation Tax in CARES and TCJA
• IRS Targets S Corporation Shareholder Basis and Reasonable Compensation
• Court Cases Illustrate IRS Targets
PASS THROUGH ENTITIES - Generally
• Pass-Through Entity Decision Making and the QBI Deduction
• IRS Promises More Audits of Pass-Through Entities
• Covid Relief and its Impact on Pass-Through Entities
Objectives:
- Recall recent court cases concerning pass through entities
- Recall updates on IRS examination targets for pass through entities.
What have we learned from the past 15 months of living through a life changing pandemic? How has it changed the world around us in temporary and permanent ways? What does it mean for your firm and practice? Have you thought about what it looks like going forward? How has it impacted your clients and their perspective of their lives, goals, ambitions and future direction?
This session will give you the perspectives on these questions from three of the thought leaders in the CPA Financial Planning Profession. These leaders have been thinking deeply about these issues from Day One of the pandemic through their own firms, study groups, and various webinars and conference presentations. Now, as we hopefully see some light at the end of the COVID tunnel, how do we capture the lessons learned from this experience to make our firms, our clients lives, and us better?
Objectives:
- Identify critical pandemic impacts to your firm and how you can prosper going forward.
- Recognize client post-pandemic concerns and how to deepen client relationships using life planning concepts.
- Recognize the value of focusing on both client and technical perspectives in client discussions on retirement, income tax, estate planning and other financial planning.
- Review how the future of the financial advisory profession has changed from our collective pandemic experiences.
The calculation of trust accounting income (TAI) determines how much is payable to income beneficiaries and remaindermen. It is determined by the applicable state's version of the Uniform and Principal Act, unless trumped by the trust instrument. This session will begin with an overview of trust accounting income and proceed to discuss some of the most frequently encountered issues in calculating TAI. Among the issues discussed the participant will learn:
Objectives:
- Identify how income from entities is allocated between income and principal as well as the related income taxes.
- Identify how distributions from IRAs payable to a trust are allocated.
- Describe how TAI differs from a trust's taxable income and distributable net income.
In order for taxpayers to resolve their back tax issues they are required to be in tax compliance. But what exactly does that mean? This program will cover the role tax compliance plays in resolving tax debts and what practitioners need to know to help get their clients into compliance to resolve their debt. The program will also discuss the issue of cleaning up a client’s bad behavior and the potential for voluntary disclosure to avoid a criminal referral. Also addressed will be the role of economic hardship and how it can be used to resolve a tax debt and prevent enforcement action by the IRS.
Objectives:
- Describe the role tax compliance plays in resolving tax debts
- Explain how economic hardship impacts IRS collection and the need for tax compliance
- Describe the circumstances where a voluntary disclosure would make sense to clean up a client’s past compliance issues
Get a big picture view of how to improve productivity with Xero. In this high level overview, we’ll introduce you to some of the amazing features and functions that make Xero stand out from the crowd. A quick and fun prelude to your journey with Xero.
Join CPA.com and Jirav in a demonstration of Jirav’s all-in-one forecasting, budgeting, reporting, and dashboarding technology platform and how it can accelerate your advisory practice with financial planning and analysis (FP&A) service offerings.
In this session you will learn how to:
• Connect Jirav to your accounting and payroll systems
• Create best practice key performance indicators (KPIs), dashboards, and reports
• Publish, share, and collaborate with your firm colleagues and clients
• Leverage rolling forecasts and budgets to provide business insight to your clients
• Create forecast dependencies using a driver-based financial model
• And more
The staff of the Center for Plain English Accounting (CPEA) highlight some key accounting and financial reporting topics pertinent to private companies. Drawing from their deep interaction with practitioners serving small- and medium-sized businesses, the CPEA staff provide insights into hot technical matters challenging accountants today.
Objectives:
- Participants will be able to identify important accounting and financial reporting issues relevant to private companies.
- Participants will be able to apply technical literature and other practice guidance relevant to addressing the topics covered.
The CPA profession has played a critical role in helping small businesses achieve forgivable loans through the Paycheck Protection Program by leveraging new tools and capabilities. In this session, leaders from CPA.com and fintech company Biz2Credit will share how thousands of firms expanded their advisory services via the CPA Business Funding Portal to provide business relief for clients during economic recovery efforts. You'll hear from these experts exactly what steps firms have taken to make fintech a central part of their services for clients through PPP and loan forgiveness. They'll also share best practices and insights on how your firm can expand into business financing advisory services to deliver greater value to clients beyond PPP.
Objectives:
- Identify how firms leveraged the CPA Business Funding Portal to help clients receive PPP loans
- Recognize how your firm can address specific needs clients may have when it comes to business financing and working capital
- Discover best practices and insights on how your firm can expand into business financing advisory services long-term