Due to COVID-19 this will be a Virtual Meeting
Continuing Professional Education: 4.0 Hour CPE
One of the most valuable products offered by the Institute of Management Accountants. The FMN (Financial Management Network) is a live DVD training program introducing and explaining up-to-the-minute accounting and finance issues. By viewing the DVD and participating in the group discussion you will earn four hours of CPE credit.
Overall, the program allows you to keep current with the changes and impacts in many facets of the Accounting and Finance industry.
November 2020 topics:
Tax Implications of Virtual Currency
Field of Study: Information Technology
In October 2019, the IRS finally released its promised guidance on tax issues related to cryptocurrencies in the form of Revenue Procedure 2019-24 and a set of FAQs on its website. The Rev Proc looks to answer a question many have had about how to treat the hard fork of a cryptocurrency. Bitcoin Cash is the best-known hard fork created in August of 2017. There are multiple aspects of Blockchain transactions and the use of blockchain technology is helping many companies run their businesses more smoothly. But there is nothing smooth when it comes to taxes. Mitchell Kopelman, CPA, partner-in-charge, Technology & Blockchain Practice at Aprio, discusses the tax implications of virtual currency transactions.
Ineffective Internal Controls & Misconceptions
Field of Study: Auditing
A successful internal controls program leverages business partnerships and includes good communication. Many companies embed standards of internal controls into the business process and prioritize the risks that need to be addressed. Establishing an effective program ensures that a remediation process is in place and controls, policies and procedures are updated accordingly. Internal controls are an integral part of any organization, regardless of size, industry, or geographical location. Christine Doxey, Author and Internal Controls & Risk Management Consultant at Doxey, Inc., discusses how internal controls might help or hinder a company’s success.
FATCA and the Common Reporting Standard: What’s the Difference?
Field of Study: Taxes
In May 2014, 47 countries tentatively agreed on a Common Reporting Standard, formally referred to as the Standard for Automatic Exchange of Financial Account Information. The Common Reporting Standard (CRS) was created in response to the Group of 20 (G20) request and was approved by the Organization for Economic Co-operation and Development (OECD) Council in July 2014. The Group of 20 is a collection of 20 of the world's largest economies that meet annually to discuss international economic and financial stability. Tara Ferris, tax principal at Ernst & Young, discusses the CRS and provides us with some background as to how it came about.
Bonus Depreciation Updates & GILTI Provisions
Field of Study: Taxes
On September 21, 2020, the IRS released the final regulations (T.D. 9916) providing guidance regarding the additional first-year depreciation deduction under section 168(k) of the Internal Revenue Code. These final regulations reflect and further clarify the increased deduction and the expansion of qualified property, particularly to certain classes of used property, authorized by the Tax Cuts and Jobs Act. These final regulations generally affect taxpayers who depreciate qualified property acquired and placed in service after September 27, 2017 and rescind a portion of the proposed regulations published on September 24, 2019. Ed Zollars, CPA, partner at Thomas, Zollars & Lynch, Ltd., gives us the highlights on the final regulations and what prompted their release.
Time: 9:00 am to 1:00 pm
Virtual from your home:
You need to receive a login from Kaplan (our video vendor) by email to access the virtual classroom.
Note: You will be asked to validate that you are online automatically throughout the sessions to make sure you are NSBA compliant.
Cost: $40.00 (Payment thru PayPal: www.paypal.me/IMA112)
Registration: Tricia Scalzo