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

  • Accountant
  • AFSP
  • CPA/CITP
  • CIA
  • CPA (US)
  • EA
  • IAP
  • QIAL
  • CFIRS
  • CWS

Published: August, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

Recommended For

This online CPE/CE course is recommended for CPA, EA, AFSP, and Other Accounting & Tax Professionals desiring to learn about

  • accounting and tax implications of cloud computing
  • accounting and tax implication for accounting changes and errors
  • accounting and tax implication for credit losses
  • the preparation or evaluation of financial statements
  • digital currencies

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Certified Public Accountant (CPA)
  • 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

Course Qualification

Webinar Qualifies For

  • 5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 5 CPE Credit for Internal Audit Practitioner (IAP)
  • 5 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00609-21-S)
  • 5 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 5 CPE Credit for Certified Internal Auditors (CIA)
  • 5 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 5 CPD Credit for Certified Information Technology Professionals (CITP)
  • 5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 5 CE Credit for Certified Wealth Strategist (CWS)
  • 5 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Melisa Galasso, CPA (US)

Owner, Galasso Learning Solutions

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

About Company

Galasso Learning Solutions

galassolearningsolutions.com/

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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