Partnership liquidating distribution detailed example Wecamsex xxxx

03-Oct-2018 06:02

1202 -- qualified small business stock *Proposed revenue raisers *Choice of entity considerations*Financial statement frauds -- corruption conspiracies of sales and other types of revenue, estimates, journal entries and other accounts *Misappropriation of asset frauds -- skimming, larceny and embezzlement involving inventory, payables and other accounts *Ponzi and asset flip schemes *Fraud trends *Risk factors and red flags for common fraud schemes *Cost-effective controls for small and large businesses and not-for-profit entities *Risk factors in accordance with the revised authoritative guidance on fraud* Performing single audits under the OMB's new Uniform Guidance for Federal Awards * Developing issues and challenges involving the Yellow Book * Key AICPA developments affecting audits of governmental entities * Recent GASB activities directed towards state and local governments with an emphasis on the new OPEB standards (i.e. 74 and 75) and continuing issues related to the pension standards (i.e., GASB Nos.67 and 68)*Emphasize any new legislative changes affecting partnershiops and partners *Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e., page 1 versus Schedule K) and flow-thru to the partner/members on Schedule K-1 *Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual's Federal income tax return and how the items affect the partner/member's outside basis *Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners/members *Formation issues including the mandatory allocation of the Sec.338 and 338(h)(10) elections*How to effectively review an error-prone, staff-prepared Form 1040 from client-provided information *Common errors and how to fix them *Areas generating malpractice claims *Importance of engagement letters, questionnaires and the Sec.7216 permission statement *Initial administrative groundwork *How to identify tax return organization issues *Tips for avoiding "willful blindness" *Advanced review issues for income, adjustments, deductions and credits *How to document a review, including risk management considerations *Procedures for delinquent clients and filing past-due tax returns *First-time client issues that require extra scrutiny *Checklists and tips to identify potential Form 1040 return issues *Schedules for staff to prepare to make reviews easier, including Form 1040 basis issues *Impact of the Protecting Americans Against Tax Hikes (PATH) Act of 2015*Accounting Standards Update (ASU) No.*Enterprise Risk Management (ERM): *Defining ERM *Areas of focus *Implementation *Planning for disasters *Business continuity *Contingencies *Analytical Tools: *Post-completion evaluations *Simulation *Z-score *Hedging *Brainstorming *Mind mapping *Delphi technique*Making maximum use of the lower individual tax rates *Minimizing or eliminating exposure to the 3.8% tax on net investment income *Taking advantage of Roth IRA and traditional IRA opportunities *How to minimize Social Security and self-employment taxes *Reducing the cost of college by taking maximum advantage of college related tax benefits *Transferring income generating property to lower marginal income family members *Maximizing employer provided health benefits *New or late breaking legislative or regulatory developments with an impact on individual tax strategy*Recent Trends: *M&A activity *Contributing factors/reasons for record levels *Examples of recent transactions *Inversions *Strategic spin-offs/splits *Expanded Role of Financial Professionals: *Establishing strategy *Valuation techniques *Execution plan *Due diligence *Sources of industry information *Post-completion evaluations *Negotiations: *Improving your communication skills *Establishing an environment for success *List of Do's and Don'ts *Alliances and Outsourcing: *Steps to forming an alliance *Examples of recent alliances *Determining if outsourcing is correct for your organization *Steps to improve results*Update on proposed and potential tax law changes from the new presidential administration and Congress *Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, the PATH Act, Social Security and more *Advanced practitioner issues *Health care reform: where are we and where may we be going? *The net investment income tax: planning for compliance and also for potential repeal *Family income-splitting strategies that need to be considered *Income tax issues: impact on timing of other income, selection of investments *Using Roth IRAs and Roth contribution programs to best advantage *Conversions: do they still make sense?*Review of pertinent cases and rulings regarding exclusions, character issues, retirement plans, travel and other items affecting your individual taxpayers *Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more *Recent developments with business entities, including C corporations, S corporations, partnerships, and limited liability companies; proposed changes to family limited partnership valuations *The latest on depreciation and safe harbor expensing options, including the ,500 de minimis expense item *The latest issues related to passive activities, substantiation and any other late-breaking tax law changes*Update on proposed and potential tax law changes from the new presidential administration and Congress *Update on major enacted tax law changes, including the status of DOL overtime rule changes, the new partnership audit rules, the PATH Act, Social Security and more *Advanced practitioner issues *Health care reform: where are we and where may we be going? *Taking distributions: matching timing to client requirements *Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed *Prioritizing allocations among investment, retirement, and college funding vehicles *What to do about itemized deductions: will they still be available?

*Review of the latest Statements on Auditing Standards *Explanation of SSAE 18; Attestation Standards -- Clarification and Recodification.

(Hear the perspective from a seasoned government finance official that is leading the charge to help governments successfully conquer these complex new standards!

) *Find out about implementation issues related to OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).

*Learn the most recent auditing standards, government and Yellow Book/single audit risk alerts, and the latest AICPA audit and accounting guides.

*Find out what GASB projects are on the horizon.*Accounting Standards Update (ASU) No.

*Review of the latest Statements on Auditing Standards *Explanation of SSAE 18; Attestation Standards -- Clarification and Recodification.

(Hear the perspective from a seasoned government finance official that is leading the charge to help governments successfully conquer these complex new standards!

) *Find out about implementation issues related to OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).

*Learn the most recent auditing standards, government and Yellow Book/single audit risk alerts, and the latest AICPA audit and accounting guides.

*Find out what GASB projects are on the horizon.*Accounting Standards Update (ASU) No.

2016-02 -- Leases (Topic 842) *Overall lease accounting guidance *Lessor accounting 101 *Lessee accounting 101 *Detailed review of accounting by lessees and lessors *Sale and leaseback transactions *Transition guidance *Other operational issues*Leadership vs.