CPE Catalog & Events

Prior to the original SAS No. 82 on Consideration of Fraud In A Financial Statement Audit (now codified as SAS No. 122, AU 240), the word fraud never appeared in a single SAS, nor was it described anywhere.  SAS No. 82 stated that auditors failed to detect fraud for two reasons:  1) They did not know what it looked like and 2) They had not been trained to look for it.  Although the SASs did not provide any guidance, auditors have always been responsible for the detection of anything that would cause a material misstatement of the financial statements whether caused by error or irregularities.  (They would not even say the word fraud until it appeared in SAS No. 82) The standards were replete with guidance on the detection of an error but silent on how to detect irregularities.  Now auditors are required to document in every financial statement audit their process of determining the risk of financial misstatement due to fraud. This presentation is designed to focus on frauds that were missed by the auditors and, in some cases, why it was missed.  There will also be discussion as to what the auditor must do in order to improve their track record on detecting fraud.  As reported on the Association of Certified Fraud Examiners Occupational Fraud 2022: A Report to the Nations, only 4% of frauds were initially discovered by the external auditor.  It was reported that more frauds were discovered by accident, (5%) then was discovered by the external auditor.

This course concisely explains the latest "see, hear, speak" multi-modal updates to ChatGPT and how they can be used in an accounting context. New features include vision processing, voice conversation, image generation, real-time Internet access, advanced data analysis, plugins and more. Discover how this technology can be used in mind-blowing ways to analyze financial data, optimize processes, and solve problems in the accounting domain. Through the lens of ChatGPT, practitioners can explore innovative solutions, automate routine tasks, and generate deeper insights and value to their clients and organizations in previously unimaginable workflows. You'll walk away with scores of advanced ChatGPT strategies and tips that can be immediately applied and deliver instant results to elevate the efficiency and effectiveness of your accounting projects and tasks. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The IRS has issued final regulations regarding the Tax Cuts and Jobs Act's (TCJA) elimination of the deduction for expenditures related to entertainment, amusement, or recreational activities and provided guidance to determine whether an activity is considered to be entertainment. The final regulations also address the 50% limitation on the deduction of food and beverage expenses and when the 50% limitation does not apply. Due to the pandemic, Congress changed the rules for 2021 and 2022 to allow for 100% deductibility for meals. These temporary rules no longer applied starting in 2023. To effectively advise clients, it is imperative for tax practitioners to understand these rules and be updated on the latest IRS guidance related to meals and entertainment.

Explore the intricacies of federal income taxation as it intertwines with rental real estate activities. This course delves into the calculation of rental income, understanding the nuances of deductions, and unraveling the complexities of passive activity loss rules. Whether it's mastering Schedule E or understanding Congress' intent behind tax laws, professionals will leave with an enriched understanding.

Working as a financial professional is an accomplishment that offers the potential for a good salary with long-term growth. Despite being a sought-after career, studies show that being overworked is the greatest source of anxiety and dissatisfaction among financial professionals. Left unchecked, a life centered exclusively around the demands of work can be both physically and emotionally detrimental. Establishing a work-life balance is difficult in any profession, yet financial professionals confront unique challenges that make this goal seem even more elusive. Technology results in being "always on," with no true time to disconnect and genuinely enjoy family, exercise, or hobbies. Lack of balance comes with costs, including poor health and lower productivity. Why are some professionals able to establish a successful balance between career demands and family while others are not? How are some firms able to achieve both high employee satisfaction and strong productivity? This course looks at research, surveys, and simple anecdotal information to provide a better understanding of how to achieve a realistic work-life balance in the modern world. The program also discusses the tax consequences that arise when professionals seek balance by working from home in one state while their employer is located in a different state.

Please join us for a discussion on Treasury Circular 230 and other ethical issues faced by enrolled agents and other tax preparers.  In addition to covering the practice standards espoused by Treasury Circular 230, there will also be an overview of the applicable provisions in the Internal Revenue Code (IRC) and common law which will affect tax preparers.  The discussion will conclude with other ethical issues, such as avoiding conflicts of interest, proper fee structure and maintaining competency.  Also included will be case studies illustrating dilemmas faced by tax practitioners.   **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.  

Quality management is important.  Every CPA firm that provides audit and other attest services must undergo a third-party quality control review.  This session will provide you with the tips on how to avoid common quality control deficiencies in all services that are subject to peer review.

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a one-day update course focusing on individual income tax issues with an emphasis of newly enacted income tax legislation. This comprehensive class will not only review the current Federal individual income tax laws but will also update tax return preparers of new tax forms, changes to existing tax forms, as well as tax planning opportunities and pitfalls. This is a “must-attend” course for all tax practitioners who want to be up to speed quickly and have a successful Federal individual income tax filing season. **Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Would you like to find important documents in 10 seconds or less? Would you like to ensure your digital information is safe and secure? Would you like to improve workflow efficiency? Of course, you would, and with some planning and guidance, you will realize these and other benefits of a paperless office. Naturally, no one expects a fully “paperless” office, but reducing the amount of paper we shuffle can offer tremendous rewards. This course will teach you the best practices and proven processes for effective document management. Participating in this program will teach you how to implement simple, inexpensive document management systems at an individual, workgroup, or small business level. You will also learn about sophisticated and comprehensive document management systems appropriate for larger offices and organizations, including systems with automated workflow processing. Your instructor will guide you through issues such as digitizing paper files, exporting and importing data from specialized applications into a document management system, essential hardware and software considerations, and the policies necessary to facilitate a successful office. Upon completing this course, you will have a comprehensive understanding of your options and a clear direction for implementing your version of a Paperless Office.

Most review techniques developed by professionals are self-taught and fine-tuned via experience. Yet how does one start? The purpose of this course is to give both new and seasoned reviewers additional and advanced procedures via a multitude of checklists to thoroughly review various tax returns. Its emphasis is not planning; rather, it is to develop a strategy to properly review a return effectively and thoroughly. The course includes dozens of practice tips for new reviewers and is updated for impacts of newly enacted legislation.

This course is a great foundation to introduce new preparers to tax rules related to business returns. The course covers tax areas affecting all business entities, providing a solid basis for staff to handle business entity returns. Such business tax topics include the sale of assets used in a trade or business (Form 4797), depreciation (Form 4562), deductible and nondeductible items, and the basics of uniform capitalization. The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare complicated federal corporate income tax returns. It is a hands-on and practical course, with extra emphasis on changes to forms under new tax law.

Cloud technology, AI, Machine Learning and Blockchain are upon us in the accounting profession. The data entry and non-value added tasks continue to decline as automation increases. This technology enables clients to keep their books up to date in real-time and better understand the effect of the financials on their business. As an auditor, it's time to learn how to take advantage of this technology to streamline your workflow and utilize remote applications to eliminate the amount of time you have to physically visit a client site as well as to create greater team engagement internally At the same time, it's important to know how to utilize ecosystem applications to speed up the non-value added time in an audit to create more profitable engagements and a better work environment for your teams.

The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate domains that enable effective internal audit implementation and examples of evidence of conformance. The Global Standards are organized into five domains. Domain I: Purpose of Internal Auditing Domain II: Ethics and Professionalism Domain III: Governing the Internal Audit Function Domain IV: Managing the Internal Audit Function Domain V: Performing Internal Audit Service

This course dives into the powerful, but potentially under-utilized, capabilities of Microsoft Excel.  Designed for sophisticated users willing to approach spreadsheets from a unique perspective, this program encourages users to challenge the status quo by considering opportunities to take acceptable spreadsheets to a new level.

Client interactions and professionalism are at the core of what we do as accountants. However, communication with clients is not always as straightforward as it may seem. Sometimes there will be difficult conversations and disagreements that can be tough to navigate. During this course, we will discuss best practices when communicating with the client, and also walk through complicated scenarios to practice what we learn.

U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen ("NSB") that the CTA is unconstitutional. This course will discuss the CTA's provisions and the court's decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling. We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

In every audit, the auditor must identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error. This process includes understanding the entity and its environment, including its internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement. This program explores efficient ways to conduct audits (primarily for private companies), including discussing the applicable standards and their requirements.

Retaining Talent in a Competitive Marketplace -Creating a Benefits Program Employees Care About In today's competitive marketplace, retaining talented employees is becoming increasingly difficult. A solid benefits program can make a difference in the fight for talent - but only if those benefits matter to the employees you are trying to hire! Through statistics and case studies, this course will explore what benefits are most valuable to employees. We will also explore the basic types of retirement and health insurance plans and discuss what financial leaders should consider before adopting a benefits package. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

This course comprehensively reviews the laws and regulations impacting S corporations. Get updated on the IRS' compliance campaign that targets the improper reporting and calculations of stock basis and distributions. Learn to calculate and report critical S corporation tax items that generate most IRS audit adjustments correctly. Topics cover issues include S corporation qualifications, making and keeping the S election, reasonable compensation, taxation of distributions, the use of Qualified Subchapter S Subsidiaries, allocation of annual operating income and loss, tax reporting elections and learning the proper method to calculate the basis of stock and debt amounts.

CPAs must be prepared when the IRS or California tax agencies contact one of their clients. Learn useful techniques and strategies for representing clients in all aspects of tax controversy matters. Topics discussed include amending and disclosing errors, defenses to civil penalties, tax return examinations, tax fraud cases, administrative appeals, tax collection matters and tax litigation. Particular emphasis will be placed on using procedural rights to achieve better results in difficult cases. We will cover the procedures but focus on how to use them to obtain better results for the client.