Total Credits: 8 including 3 Accounting - Technical, 2 Auditing- Technical, 1 Regulatory Ethics - Technical, 2 Taxes - Technical
The tax laws keep changing and nonprofit entities must continue to adjust to new rules.
The charitable giving benefits from the CARES Act have expired as of December 31, 2021, and are not available for 2022. Expired Provisions include the $300 ($600 for married couples filing jointly) above the line cash charitable deduction and the 100% adjusted gross income limitation for gifts of cash to a public charity is now back to 60%
But the IRS attack on syndicated contribution easements continues. A brief sampling:
An important recent General Counsel Memorandum affects the deductibility of digital assets to charity. A charity’s treatment of volunteers can affect tax responsibilities. The IRS Exempt Organizations and Government Entities Division has published three new Technical Guides (TG). (These guides are comprehensive, issue-specific documents. TGs update and combine the IRS.gov Audit Technique Guides (ATG) with other technical content. Once completed, the TGs replace corresponding ATGs.) Contemporaneous written acknowledgements and whether a conservation easement is perpetual continue to be issues creating tax controversies.
This year’s Annual Not-for-Profit Update will include a tax update and review of key issues in completing IRS Form 990, and related Schedules. It is more important than ever for non-profits to understand and complete this annual tax form to ensure that the organization and its donors are also protected so they can accomplish their corporate intentions and goals.
On the accounting standards front, some nonprofits will still be implementing the FASB’s new Leases standard (Accounting Standards Codification [ASC] Topic 842), while others will have moved on to implementing the last of the FASB’s recent wave of major standards, the somewhat less far-reaching (for most nonprofits) standard on Credit Losses (ASC Topic 326).
Meanwhile, the FASB itself is working on its next generation of projects, informed by a public agenda consultation in 2021. Although many of these projects are focused on business enterprises and the needs of their investors, there are several projects that have or could have significant applicability to some or many nonprofits. Such projects include ones on Crypto Assets and on Software Development Costs, and on two specifics Environmental, Social, and Governance (ESG) issues with potential financial statement impact, Financial Instruments with ESG-linked Features and Environmental Credit Programs.
This year’s FASB Update will include helpful implementation reminders for Leases and Credit Losses, and discussion of important follow-on guidance regarding Leases between Entities under Common Control (to be issued in March 2023). The Update will also provide background information and a summary of efforts to-date on the afore-mentioned projects now underway that could affect nonprofit financial reporting in future years.
Auditing Update - a review of Statements on Auditing Standards 142 (Audit Evidence), 143 (Accounting Estimates), 144 (Amendments to AU-C 501, 540 and 620); 145 (Understanding the Entity and Assessing Risk), 146 (Quality Management),148 (Amendments to AU-C 935), that will impact audits conducted in 2023 and beyond, with emphasis on practical application to NFP organizations. This session will also discuss the Statements on Quality Management Standards and their impact on smaller firms.
Ethics Update – Our course will provide a review of recently enacted Ethics Interpretations, including NOLAR, Unpaid Fees, Accounting Standards Implementation, Loans, Information system services, Officer and directors, and Compliance Audits, as well as consideration of exposure drafts currently outstanding. Qualifies as one hour of ethics CPE.
This program will also provide an overview of other recent standards issued and projects in progress that impact Not-for-Profit entities
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CLINT DAVIS is with the law firm of Krage & Janvey, LLP in downtown Dallas. He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting. He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982. He has been a licensed CPA in Texas since 1980. He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988. He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area.
Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.
Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.
J. Michael Inzina, CPA, CGFM, CGMA is president and CEO of Audit Litigation Training and Efficiency Consulting, Inc. (ALTEC), a consulting company serving the accounting and auditing community in audit efficiency, training, ethics and litigation support. In 2020 he retired from public practice after forty-four years, concentrated in governments, financial institutions, public utilities and nonprofit organizations. Mike holds a BBA in accounting from the University of Louisiana (Monroe), where he graduated summa cum laude in May 1976. He is a member of the American Institute of CPAs, the Society of Louisiana CPAs, the Association of Government Accountants and the GFOA, and earned the CEA in governmental in 1990. He was awarded the Certified Government Financial Manager (CGFM) designation in 1996, and the Certified Global Management Accountant (CGMA) designation in 2012. Mike is a past chapter president and member of the Society of Louisiana CPAs Board of Directors and served two terms as chairman of the Governmental Positive Enforcement Program of the Louisiana State Board of CPAs. He has served on numerous committees of the Society of Louisiana CPAs, and presently is a member and past chairman of its Ethics committee.
Mike has twice served as a member of the AICPA Professional Ethics Executive Committee (1986-1989, and 2000-2003), and served as a member of the AICPA Auditing Standards Board from 1997 to 2000. From 1986 to 1993, he served as a member of AICPA Independence and Behavioral Standards Subcommittee, and was Subgroup Chairman of the Governmental Technical Standards Committee. During this time he conducted numerous investigations of complaints filed by federal, state and local agencies alleging substandard performance of audits of governmental and nonprofit entities, and represented the Professional Ethics Division at hearings of the Joint Regional Trial Board.
He contributed to the GASB Statement 34 Implementation Guide, AICPA Statement of Position 98-3, the industry audit and accounting guide Audits of State and Local Governmental Units, the AICPA Practice Aid to SAS 99 (fraud) and assisted in revisions to the Louisiana Governmental Audit Guide and in drafting state legislation affecting governmental accounting and auditing requirements. He has served as technical consultant and instructor for the Louisiana Division of Administration (Office of Community Development), and as consultant to the Louisiana Department of Education. Mike frequently appears as moderator and panelist on the Accountants CPE Network.
He has been named thirteen times as an Outstanding Discussion Leader by the American Institute of CPAs and the Louisiana, South Carolina and West Virginia state societies. He received a Special Recognition Award from the Society of Louisiana CPAs Board of Directors for his contributions to continuing education in 1994, and was awarded the 2001 National Education and Training Award from the Association of Government Accountants. In 2009, Mike was named national Beta Alpha Psi Business Information Professional of the Year. In 2016, he received the Distinguished Service Award from the Society of Louisiana CPAs.
Jeff Mechanick is Assistant Director for Nonpublic Entities at the FASB. In that role, he provides strategic and technical oversight of all activities involving not-for-profit (NFP) organizations and private companies, chairs the FASB’s Not-for-Profit Advisory Committee, oversees support of the Private Company Council, and participates in some of the FASB’s broader outreach activities. He is also a member of the Technical Advisory Group of the International Financial Reporting for Nonprofit Organizations initiative (#IFR4NPO).
Jeff has also been the overall lead staff member for the Blue-Ribbon Panel on Standard Setting for Private Companies and the FASB/IASB Financial Crisis Advisory Group.
Prior to joining the FASB staff in 2006, Jeff spent 20 years working in and with the not-for-profit sector, as the CFO of Planned Parenthood Federation of America, Inc., and before that, as a Senior Manager with KPMG, LLP, in the firm’s New York office. From 1992 to 1994, he served as the National Technical Senior Manager for the firm’s Higher Education, Research, and Other Not-for-Profit Organizations (HERON) practice. He is also a past member of the AICPA’s NFP Expert Panel. Jeff received his MBA from Rutgers University and his AB from the University of Chicago, and he is a member of the AICPA and the New York State Society of CPAs. He is also an adjunct instructor in Columbia University’s MS program in Nonprofit Management.
Patty provides tax and related tax planning services with an emphasis on exempt organizations. Patty works predominately with not-for-profit and tribal organizations. She's a not-for-profit subject matter specialist and regularly presents at various national conferences, and she authors numerous industry related articles/alerts.
Patty is an essential tax advisor for various organizations. She provides extensive tax consulting for numerous organizations including public charities, private foundations, higher education, research organizations, business leagues, and welfare and benefit plans. Patty is a quality control reviewer of exempt returns for Moss Adams LLP. In 2018, Patty was recognized as one of the “Business Women of the Year” by the San Diego Business Journal.
Lee Klumpp is a Professional Practice Partner with BDO and has more than 25 years of experience serving the nonprofit, healthcare and government industries. Lee completed a two-year Fellowship with the Financial Accounting Standards Board (FASB) in Norwalk, CT. During his fellowship, he led the FASB's project to reexamine existing standards for financial statement presentation by nonprofit entities, focusing on improving the net asset classification requirements and information provided in financial statements and notes about liquidity, financial performance, and cash flows. He also focused on various FASB agenda projects and emerging practice issues that focused on nonprofit.
Lee spends an extensive amount of time:
Lee’s work experience includes:
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