Spring Splash Accounting Conference (Greenville, SC) (CN4113)

Thursday, May 17, 2018 - Friday, May 18, 2018 | 8:00am - 4:20pm (Registration at 7:00am) EST | Embassy Suites, Greenville

Description

Dive into learning like never before at SCACPA's 2018 Spring Splash.


DYNAMIC LEARNING

At our Accounting Conference on May 17-18 in Greenville, you'll find new perspectives with five tracks of dynamic learning led by the accounting profession's most engaging and insightful speakers, such as:
 
• Economic Outlook – Joey Von Nessen, USC Research Economist & Erik Doerring, McNair Shareholder
• Tax Planning Strategies – Art Werner, Werner-Rocca President and Shareholder
• Human Resources Update – Kim Aydlette, State of SC Human Resources Director
• Understanding Your Fraud Risk – Gary German, Alba Advisors Managing Director
• Nonprofit Reporting Requirements Update – Beth Allen and Tony Smith, GreerWalker, LLP  
• Dealing with IRS Collection Division – Lynn Nichols, Nichols Patrick CPE Founder

This event combines the best of our past conferences while featuring bold new ways to connect with elite practitioners. You can also consult with a wide array of knowledgeable vendors who have the new products and services that can advance your practice.


PLUS, FUN AND GAMES

After Thursday’s full slate of learning, attendees can unwind at our Pig Pickin’. Amid the scenic grounds of the Embassy Suites and Golf Resort, enjoy an evening of live music, games, plenty of food and drinks, and camaraderie.

During the Pig-Pickin’, we hope you will take time to visit or CEO Dunk Tank.  Members can purchase one or more throws.  All proceeds will benefit the Association’s CPA-PAC. 

Then gather some friends and test your skills at a round of cornhole.  You’ll be able to register to win a complete SCACPA-branded cornhole set.  

Make the memories last with souvenir snapshots from our Photo Booth. 

During Friday’s lunch, enter our 50/50 Raffle for a chance to walk away with a little spending cash.  SCACPA will give away door prizes such as a Yeti cooler, tumblers, gift cards and more.   


ALL-INCLUSIVE BONUS

When you pay your Spring Splash registration, you have the option of that total being credited toward your renewal dues for SCACPA's 2018-19 All-Inclusive Membership. Spring Splash's 16 hours of CPE will be drawn from your 2018-19 CPE Bank of 40 hours.

Enjoy a fresh approach to CPE while connecting with your peers. Enroll in the 2018 Spring Splash today!

Cost

Standard Registration: $450 SCACPA Members, $600 Non-Members

Sessions

Please select the appropriate session or option below to continue with your online purchase

Thursday, May 17, 2018

Selection 1

This joint presentation by Professor Von Nessen and Mr. Doerring will provide important information to CPA’s on the state of South Carolina’s economy, economic predictions for its future, and how our state’s economic development incentives often play a key role in the expansion and growth of South Carolina businesses and its economy.

Updates on the latest accounting topics affecting not-for-profit organizations, including revenue recognition, lease accounting and the new financial statement presentation requirements.

This session will offer information regarding the importance of establishing a budget and using it to forecast the direction of a company. It will provide tips for determining and detailing an organizations long term and short term financial goals and will explore opportunities to direct the financial resources of a company to reach those goals.  Participants will learn tips to document the overall plan for executing the financial resources and monitoring them to ensure the sustainability of the company.

Selection 2

TAX PRACTICE ETHICS a. Tax Practice Ethics are established by three authorities i. AICPA Standards ii. Treasury Circular 230  iii. Internal Revenue Code b. Each source of authority uses slightly different language and has a particular focus. c. Recent IRS rules and a new provision in the Code require the tax return preparer to exercise due diligence to determine a client’s eligibility for certain tax credits. d. AICPA Standards say the CPA must not subordinate his judgement to the opinion of others e. Lynn Nichols shares his experience as a tax practitioner and an expert witness, on the subject of ethical tax practice, dealing with the questions of “subordination of judgement” and “due diligence” in this short reminder of your professional responsibility.

This session will provide you with an overview of the auditing standards for using the work of a specialist, along with practical guidance you can use every day.

Come watch this conversation between the Chair of the SCACPA Board of Directors and the 21-year-old Communications and Tech Assistant of the SCACPA staff. You’ll end up better understanding the culture of “The Second Screen Generation” of the younger workers and clients you’ll encounter more and more who devote much of their day to their online presence. You’ll see that Gen Z members are much more motivated to act when they understand the “why” of what they’re instructed. Jenkins’ presentation will talk about the breakneck speed of culture-altering trends that shaped his peers (9-11, the Great Recession), but the group wants to make a difference for the greater good in their work and personal lives. You might even learn a new “meme” or two ??. There will be a Q&A at the end.

Characteristics of Financially Healthy Non-Profit From a lay point of view:  How can you know if a non-profit organization is financially healthy? Financial health is about more than just reserves and endowment balances.  Just as our personal health depends on our behavior, so the financial health of a nonprofit depends on management behavior—policies and practices.

Prepare yourself, your firm and clients for the realities of 2018.  Cybersecurity risk is one of the most pressing issues firms face today. This course will cover what risks CPA firms need to be aware of in 2018 and actionable steps they can take to mitigate these risks for their firms and clients.    

Selection 3

The many changes made to the Internal Revenue Code have created numerous unique planning opportunities for individuals. Careful tax planners must weigh current rules with an eye toward the future. This course will assist the practitioner in charting alternatives and guiding clients through these complex tax times. Planning is a year-round process, and this course is loaded with ideas that can be used throughout the year to reduce taxes. Among the ideas discussed will be the Alternative Minimum Tax, charitable giving, tax-saving strategies for real estate owners and investors, and much more. Working systematically through Form 1040, the practitioner will be given many ideas on how to reduce taxes through planning.   

The world of audit continues to evolve and has come a long way since its start. Earlier auditors used to rely on information from clients and limited analytical tools to assess the financial health of companies.  After the economic decline of 2008, auditors have more pressure to produce the highest level of assurance. Fortunately, we can leverage advanced technology to highlight anomalies, irregularities, outliers and risks within financial data that would otherwise be missed by traditional methods (i.e. the human eye or a rules only based solution).  These innovative advances in technology help those to be more efficient, increase assurance, while de-risking, and providing a competitive advantage. You will learn…    • What is Artificial Intelligence (AI)? • Is all AI the same? • How is AI changing the landscape and how does it align with the “Future of Audit”? • What is the value proposition of using an AI based audit analytics solution that enable those to be more efficient and effective?  • How can AI be extended beyond Audit and Assurance to add value to other areas of the business (i.e. Forensics, Advisory Services, etc.)? • Teaser demo of the MindBridge AI Auditor solution.

Best practices on maximizing the benefits of an external audit

In this course, we will learn about the importance of your resume and how that affects later testimony.  We will discuss some tips about the general engagement and how to store and structure files.  We will explore ways to understand and develop a strategy around a case, writing a rule 26 report and tools to help write reports.  We will end with general testimony guidelines to help build effective evidence with the jury.

Selection 4

In Spring 2017, 36 million pounds of soybeans entered the conventional global market from Ukraine and Turkey and was fumigated accordingly. When the soybeans arrived in California seven months later, they were labeled “organic” and possessed all the necessary credentials. By the time the fraud was detected, 21 million pounds of soybeans had already been distributed to customers. There are more than 40,000 operations certified to the USDA National Organic Program standards. The industry has experienced double-digit growth each of the last several years and in 2017, the value of organic products purchased in the United States exceeded $50 billion. Accredited certifying agents and organic inspectors work diligently to protect traceability of the organic supply chain and protect the integrity of the USDA Organic seal. The workshop will provide attendees with an overview of the National Organic Program and how inspections are conducted at certified organic operations. Participants will be guided through the organic inspection process and learn how trace-back and mass-balance audits are performed. Presented with several inspection scenarios, attendees will then be asked to identify fraud in the organic supply chain and where organic integrity is likely to be compromised.

Selection 5

The legislation has passed; Congress has drastically changed the Internal Revenue Code by enacting the Tax Cuts and Jobs Act of 2017 (the “Act”). This class will outline many the significant changes in the 1,100-page Act.   In this course, the participant will learn the legislative changes and how these changes will affect the compliance and planning needs of their clients.

• The future of audits – more insightful, less intrusive, more interactive, more efficient, high quality; risk-based audit methodology • Audit analytics – the use of big data, analytic trends, benefits of data analytics and integrating them into audits, data analytics in action (including a few cases) • New and emerging technologies for auditors (high level) – robotics (AI) to perform repetitive rules-based tasks; blockchain and the distribution of data; drones to assist with inventories; etc. • The Auditor of the future – transforming skillsets of tomorrow’s auditors

Best practices concerning internal controls in not-for-profit organizations of all sizes, including proper segregation of duties, implementation and monitoring steps and issue resolution procedures.

Storytelling and financials seem to be on opposite ends of the spectrum of communication, but are they really? How should you explain the data? Who is the audience? How do we keep them awake? Are these even the best questions to be asking?  One way to think through financial storytelling is to compare our presentation to a movie script. We will look at the elements of a story and see why it is one of the most compelling ways to communicate a memorable message to any audience, client or co-worker. Join us as we uncover the steps needed to prepare a meaningful financial presentation.

General Sessions

Thursday Optional Activities

Activities

Friday, May 18, 2018

Selection 6

Description: Deloitte multistate tax professionals will provide updates and discuss the latest developments in state tax local taxation in the southeast as well as pertinent, timely developments throughout the U.S., including responses to tax reform from a state tax perspective and the potential impact of the U.S. Supreme Court’s decision to hear the Wayfair case.

This will be a fast paced session discussing current issues changes and common peer review findings in this practice area. It is intended for the seasoned practitioner who serves clients in this arena.

his presentation will touch on the hot topics in Human Resources for this year: the recruitment and retention of the new workforce, and preventing and Responding to harassment in the workplace today. 

Many standards are here and others are on the way.  GASB is on a warpath and does not appear to be slowing down anytime soon.  This session will cover some of the newer GASB standards, exposure drafts and concepts that will affect governmental financial reporting in the coming years.

Change is slow until it isn’t.  Professional services is changing right before our eyes faster than most of us can remember.  One of the most crucial skills you can develop to deal with the huge changes underway in our profession is the ability to anticipate.  Learning the skill of anticipation can help you and your organization see change before it happens and move from survival to flourishing in your work.  During this section Jeremy S. Weave will present the work of Futurist Daniel Burrus and his methodology for anticipating change in today’s rapidly innovative environment. 

Selection 7

Tax reform passed in December 2017 and substantially modified the taxation of business entities and transactions beginning in 2018.  The reduction in C corporation tax rates and the addition of a new tax deduction for owners of pass-through entities are among the provisions which will require advisors in many disciplines to review client businesses to assess the impact of tax reform and potentially engage in restructuring.  This session will briefly cover the most important business-related tax reform items which will have an impact on your clients and your practice

Data Analytics: Opportunities & Risks Big data is perhaps the greatest untapped opportunity for businesses today.  Social media, websites, and industry data can provide unique insights on customers, competitors, and the economy in general.  In this session, we will explore how to utilize the data that is all around us.  We will also explore where data analytics may be headed, and the potential pitfalls that lie ahead.

We live in our own world sometimes, but aliens govern what we do, and what we report.  Financial reporting for governments has become more and more complex over the past several decades.  This session attempts to address how we can better communicate financial information with non-financial people resulting in a better understanding by all respective

Communicating with regulators can be a daunting task.  This session will offer tools and tips to effectively communicate while providing information that will help to better prepare you for the process.  We will explore ways to prepare for the process daily which will lessen the preparation time

Selection 8

New Code Section 199A, the Qualified Business Income Deduction  a. Lynn Nichols has studied the new law, read the Joint Committee analysis of how the law is supposed to work, and read dozens of “learned commentaries” on the new law i. One of his clients that owns automobile dealerships will realize tax saving in excess of $1 million in 2018 alone  b. He will share how to: i. quickly identify those clients that qualify for the deduction ii. determine whether changes to a client’s organization or operation can safely produce greater tax saving, and  iii. help your closely held business clients take full advantage of the new law c. Lynn will also discuss interaction between Section 199A, the Section 469 “Passive Activity” rules, Section 465 “At-Risk” rules, and general rules of federal taxation 

Fraud. We read about it in the news every day. By some estimates over $1 trillion is lost to Fraud and theft each year. So why are we surprised when it happens to us and what can we do to understand our Fraud risks? Gary German will share stories from his own experiences in Fraud investigation and forensic accounting: Why did it happen? What allowed it to happen? Could it have been prevented? Whether you are in public accounting or industry you are sure to benefit from this discussion as Gary dissects the dark side of accounting and finance.

Organizations grant titles to people every day, but only a team of people can name someone their leader.  Some leaders possess that certain something that attracts a following and loyalty.  In this section, Jeremy S. Weaver will discuss leadership and it pivotal role in the success of any organization.  The discussion will focus on identifying and developing emotional intelligence as a leader as a tool to better serve team members and build more unified teams in firms.

Capitalize or Expense?  GASB 34 has been around for nearly 20 years, yet we still suffer from the same problems those early implementers experienced.  Seems like life should be easy in this area, but sometimes life is complicated.  This session will address how to determine and record capitalized interest, donated assets, impairments, personnel costs on internally generated assets, and training costs. 

An important part of successful business development is differentiating yourself and your firm from the competition.  Your approach to networking events, prospect meetings, and current client meetings dramatically impacts your performance in business development.  This session covers ways in which you, individually, and your firm can approach business development opportunities to help you stand out and increase success.

Selection 9

Cost Recovery After Tax Reform After the most significant tax reform in last 30 years, lots of new opportunities are now available to businesses in the United States.  Some of the more significant opportunities are in the area of cost recovery.  This course will explore how companies can better utilize depreciation deductions in a post-tax reform world.

On February 25, 2016, the FASB issued its highly anticipated leasing standard for both lessees and lessors.  Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months.  Lessor accounting remains  largely consistent with existing U.S. GAAP.  The new standard takes effect in 2019 for public companies and 2020 for all other companies.  

The Drivers and Personality Traits of White-Collar Criminals Every business, regardless of size, is a potential target for embezzlement and fraud. The “Tone at the Top” created by the leadership of a company drives a company’s culture. Employees pay close attention to the behavior and action of leadership and will often follow their lead. Does your company’s environment support assessments of the Tone at the Top? When was the last time your company reviewed its internal controls or policies and procedures with a focus on fraud prevention? This presentation will assist you with: • Understanding what fraud is and why businesses are a target of fraud • Appreciating the profile of a white-collar criminal or fraudster • Awareness of fraud prevention measures • Identifying what to do when you suspect a fraud has occurred

Google “Government Fraud” and you get 248 million hits. What makes the political arena so ripe for deceit and deception? Gary German will share stories from his own experiences in Fraud investigation and forensic accounting in the government sector. He will explore the history of Fraud in our government and take a quick look at political Fraud around the world. Perhaps the real question is, should we really be discussing this in open forum? Only if you dare.

Selection 10

“See Something, Say Something: What should you do when you suspect tax fraud”   This presentation will provide guidance to tax and accounting professionals on what to do when they encounter the potential for tax fraud.  We will identify common badges of fraud seen in criminal tax cases.  We will discuss current trends in tax fraud and criminal tax prosecutions as well as review the IRS dirty dozen tax scams for 2018.  The presenter will review and identify key state statutes addressing criminal tax law violations in South Carolina. There will be case studies and case reviews of recent prosecutions completed by the Department.

Revenue is one of the most important measures used by investors in assessing a company’s performance and prospects. Previous revenue recognition guidance differs in Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)—and many believe both standards were in need of improvement. On May 28, 2014, the FASB and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance is a major achievement in the Boards’ joint efforts to improve this important area of financial reporting.  The guidance is effective in 2018 for public companies and 2019 for all other entities.

We will identify the primary risks of loss faced by individuals, families and businesses and apply the risk management process in measuring, controlling, financing and managing the risk. Various risk management techniques will be explained including risk retention, risk transfer, risk control, and risk finance. Essential elements of various insurance policy provisions and how coverage applies will be discussed.

Every year there are changes in financial reporting that result in new issues and new problems.  Sometimes old issues raise their ugly head.  This session attempts to apprise you on financial reporting deficiencies commonly seen with the goal of helping you not repeat them.

Dealing With IRS Collection Division a. Client is considering filing for bankruptcy i. How will his $40,000 delinquent tax liability be affected? b. The Notice says “Levy” and it’s three weeks old . . . now what ? c. You jumped through hoops to get your client in a payment program and now she’s lost her job . . . now what ? d. Can they really levy my IRA ? e. My only income is Social Security, Can they take that ? Join Lynn Nichols for this quick guide to representing your client who owes back taxes. Knowing what to ask for, when to ask, who to ask, and how to ask can make a big difference in your client’s peace of mind, even if the liability must ultimately be paid.,

Lunch Options

Options

DETAILS

Course Code:
CN4113

Field of Study:
Accounting, Auditing, Economics, Finance, Governmental Accounting, Governmental Auditing, Personnel/HR, Special. Know. & Applications, Taxation, Behavioral Ethics

Vendor:
South Carolina Association of CPAs

Course Type:
Conferences

Level:
Update

Location

670 Verdae Blvd., Greenville, SC, 29607

 

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