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Detailed Guide on Accounting & Tax Implication (On Cloud Computing, Accounting Changes & Errors, Credit Losses, Goodwill and Virtual Currency etc.)

Detailed Guide on Accounting & Tax Implication (On Cloud Computing, Accounting Changes & Errors, Credit Losses, Goodwill and Virtual Currency etc.)

5 Credits

$100

Subject Area

Taxes

Webinar Qualifies For

5 CPE credit of Taxes for all CPAs

5 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00609-21-S)

5 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0582)

5 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

5 CPE credit for Certified Internal Auditors (CIA)

5 CPE credit for Internal Audit Practitioner (IAP)

5 CPE credit for Qualification in Internal Audit Leadership (QIAL)

5 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00609-21-S)

5 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00609-21-S)

5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • Learning Objectives - Accounting
    3 mins
  • Factors to Consider - Lease or Service
    40 mins
  • Change in Accounting Estimate Effected by a change in Accounting Principle
    60 mins
  • Change in Accounting Method
    96 mins
  • ASU 2016-03 Cont'd
    106 mins
  • When Does a Credit Loss Become Deductible?
    138 mins
  • ASU 2014-02
    159 mins
  • Virtual Currency - Overview
    240 mins

Course Description

Session 1 - Accounting & Tax for Cloud Computing

Cloud computing is the delivery of different services through the Internet. These resources include tools and applications like data storage, servers, databases, networking, and software.

Cloud computing has become a buzz word in the technology world as small and large entities have been moving to the cloud. Work from home expansion under COVID‐19 further showed the need to access information and tools without being in the office. As a result, cloud computing has been a topic of regulators from both the tax and GAAP side. FASB has issued two standards addressing the accounting for the monthly or annual hosting fee as well as initial upfront costs.

In this online CPE/CE course we will also discuss the tax side, the IRS has issued proposed regulations on the treatment of cloud‐based transactions. In this online continuing education course, we will also look at the impact of sourcing on taxes. This CPE course will keep you up to date with what’s going on in the world of cloud computing from a financial reporting and tax perspective.

Key topics covered in this online CPE webinar:

  • ASU 2015-05
  • ASU 2018-15
  • Implementation Cost
  • Capitalization rule
  • Amortization
  • Subsequent Measurement
  • Impairment & Abandonment
  • Treatment of cloud transactions

Click for more webinars on | Accounting & Auditing |Tax Updates |

Session 2 - Accounting & Tax Implications of Accounting Changes & Errors

The financial markets depend on high quality financial reporting.  A fundamental pillar of high quality public financial reporting is reliable, comparable financial statements that are free from material misstatement.  Accounting changes and errors in previously filed financial statements can affect the comparability of financial statements.

In this online CPE webinar, we will provide an overview of the types of accounting changes that affect financial statements, as well as the disclosure and reporting considerations for error corrections.

An accounting change can be a change in an accounting principle, an accounting estimate, or the reporting entity.

An error in recognition, measurement, presentation, or disclosure in financial statements resulting from mathematical mistakes, mistakes in application of GAAP, or oversight or misuse of facts that existed at the time the financial statements were prepared.

This online continuing education course will examine both the accounting and tax implications of accounting changes and errors. FASB provides different guidance depending on the type of accounting change. We will explore the major types of accounting changes including change in estimate, change in accounting principles, and change in reporting entity. We also discuss the correction of an error.

The online CPE/CE course will also focus to examine how accounting changes and errors impact taxes including a review of the Form 3115. You’ll leave this CPE course with an understanding of how to properly account for errors and changes for both tax and GAAP.

Click for more webinars on | Accounting & Auditing |Tax Updates 

Key topics covered in this online CPE/CE webinar:

  • Accounting treatment for change in Accounting Principle;
  • Accounting treatment for change in Accounting Estimates;
  • Accounting treatment for change in Reporting Entity; and
  • Accounting treatment for correction of an Error in previously issued Financial Statements.
  • Tax implications of Accounting Changes and Errors

Session 3 - Accounting & Tax Implications of Credit Losses

A Credit Loss is a debt that a company is unlikely to recover.

Current assets are reported as Accounts Receivables on a company's balance sheet. Current assets are expected to turn to cash within one year, and a company's balance sheet could overstate their accounts receivable if any are not collectible.

In June 2016, the Financial Accounting Standards Board (FASB) issued the new accounting standard that changes generally accepted accounting principles (GAAP) for Credit Losses on Financial Instruments (Topic 326). Although ASU 2016-13, entitled “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” is applicable for all financial instruments, here we summarize new GAAP only for accounting for loan (or other receivable) losses.

The financial instruments project was one of the major convergence projects that the FASB worked on with the IASB. Unfortunately, that project ultimately did not lead to convergence.

This online CPE/CE course will address the major changes to the calculation of credit loss for financial assets including the models for available for sale and amortized cost.

In this online continuing education course, we’ll also look at the impact of the accounting change on taxes and what the key requirements are under the IRS rules for uncollectible assets. Attendees will leave with a solid understanding of the accounting and tax issues of credit losses.

Key topics covered in this online CPE/CE webinar:

  • Measurement of credit losses on financial instruments
  • Accounting implications of credit losses.
  • Scope of ASU 2016-13.
  • Amortized cost considerations.
  • Subsequent Measurement.
  • Tax implication of credit losses.
  • Deductibility of credit losses.
  • General guidance for taking losses-IRC 166(a)

Click for more webinars on | Accounting & Auditing |Tax Updates |

Session 4 - Accounting & Tax Implications of Goodwill

Goodwill is an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and proprietary technology represent some reasons why goodwill exists

A challenge of goodwill accounting is that it’s treated one way under tax accounting and another under GAAP (“book”) accounting therefore it is a hot topic for both GAAP and tax purposes. On the financial reporting side, FASB has been wrestling with how goodwill, once recognized, comes off the balance sheet. FASB is now offering amortization for private entities and non-profits in lieu of goodwill impairment testing. We expect future standard setting for all entities in the near future.

On the tax side, the sticking point is related to how much goodwill should be recognized at purchase and how the purchase price is allocated between assets.

This online CPE/CE course will cover these topics and more as it explores both the accounting and tax implications of goodwill.

Key topics covered in this online CPE/CE webinar:

  • Accounting for Goodwill
  • When should Goodwill be tested for impairment?
  • What is Goodwill impairment loss?
  • How to simplify the test for goodwill impairment?
  • What are the two phases of Goodwill impairment?
  • What are the tax implications of Goodwill?

Click for more webinars on | Accounting & Auditing |Tax Updates

Session 5 - Accounting & Tax Implications of Virtual Currency

What is used for buying, selling, and investing and is untraceable, anonymous, and technologically confusing?

The answer uses different terms, but mean basically the same thing: cryptocurrency, virtual currency, digital currency, and cryptocoin.

All describe a relatively new medium of economic exchange used for buying, selling, exchanging, and investing.

It's a brave new cyber world that we live in, one where virtual currency exists to exchange and pay for things globally. Certainly, this throws a whole new monkey wrench into basic accounting platforms and raises a few questions such as: How is cryptocurrency handled by a bookkeeper, and just what in the world is it anyway?

Virtual Currency is a hot topic for both accounting and tax purposes. This online continuing education course will take a look at the accounting issues being raised as well as the recommendations from an AICPA task force. The FASB itself has not yet weighed into the accounting for digital assets or crypto currency so the AICPA has provided nonauthoritative guidance to assist preparers and auditors, which you should understand.

In this online CPE/CE course, we will also switch gears and address some of the tax issues. Similarly, virtual currency is an emerging area from a tax perspective. At the end of this online CPE course, attendees will have a strong understanding of the nuances of digital currency from both the perspectives.

Click for more webinars on | Accounting & Auditing | Tax Updates |

Key topics covered in this online CPE/CE webinar:

  • Accounting for Crypto currency. 
  • Accounting for sale of Digital Asset.
  • Tax implications of Crypto Currency.

Learning Objectives

  • To identify changes to accounting for cloud computing arrangements
  • To recognize the rules for capitalization for GAAP purposes
  • To describe how sourcing of taxable income has changed under proposed Regulation 1.861
  • To recognize the tax implications of cloud computing
  • to list some of the instances where estimates may be used for tax purposes.
  • To identify how the treatment of an error and the treatment of an accounting change differ on the tax return.
  • To describe the key characteristics of automatic changes on Form 3115.
  • To identify the type of accounting change for a transaction.
  • To describe the accounting for accounting changes.
  • To recognize changes to financial reporting for ASU 2016-13 as amended
  • To recall when a credit loss becomes deductible
  • To identify when a loss becomes worthless for tax purposes
  • To recognize how the tax basis of Goodwill is assigned in an acquisition using the residual method
  • To identify the purpose of Form 8594 and when it should be filed
  • Discern when personal goodwill should be allocated to a corporate shareholder
  • To identify private company and nonprofit alternatives to goodwill impairment testing
  • To recognize recent changes to goodwill impairment testing
  • To identify situations where a tax gain/loss on virtual currency is recognized
  • To describe how basis is calculated on virtual currency
  • To recall nonauthoritative guidance to account for virtual currency

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Certified Public Accountant
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA