A Federal income tax update focused primarily on income tax reporting and calculation issues for preparation of 2019 returns. Topics are selected for their likely interest to CPAs who are responsible for assisting clients with preparing returns to report complex Federal income tax matters and to determine income tax liabilities of business enterprises and their owners.
• Tax compliance rules…do’s and don’t’s
• TCJA 2017 Guidance…Regulations, Revenue rulings, Notices, and Revenue Procedures
o New Forms
o Required supplemental information
o Simplified employee reporting of certain benefits
o Published IRS Guidance in FAQs, IRS’s own training materials and checklists
• Court decisions affecting Federal income tax compliance for all taxpayers
o Quick review of worker classification
o Employer provided meals and other fringe benefits
o Recordkeeping requirements
This training course is designed to walkthrough the process for performing audits under the Uniform Guidance. We'll cover the major deficiencies identified by the AICPA and discuss how to properly perform procedures to be compliant. High level areas of training include the documentation, sampling, reporting under Uniform Guidance, risk Assessment under Uniform Guidance, Internal Controls Over Compliance and Compliance Testing.
The Yellow Book is getting an update. This course will cover the major changes auditors need to know when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus will include the updated independence requirements, form and organization of the guidance as well as quality control. The 2018 revision is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted. We'll also cover common deficiencies in Yellow Book engagements.
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