- To bring you up to speed on the most pressing topics and updates within the profession to prepare you for 2019
- To provide you with CPE credit you can apply to your 2018 or 2019 Virginia Board of Accountancy requirement
If you've logged into the to E-Summit early, then grab a cub of coffee and chat with the other participants before the sessions begin. The welcome and announcements will begin promptly at 8:30 am.
Get an update and discuss Virginia legislative and regulatory changes and their implications including 2018 tax conformity, state and local tax reform and the upcoming 2019 Virginia General Assembly session.
Accounting professionals are frequently presented with the task of analyzing and reporting results that require extracting information from data that has been loaded in “awkward” formats. Data collected from databases, such as POS systems, is usually not shaped for analysis and reporting in Excel.
Discover how to use Excel functions, such as Offset, Index, Match, Vlookup, Countif(s) and Sumif(s), among others to manipulate data. Complications arise when multiple functions must be combined into a single formula to achieve a desired result. Excel Tables will be introduced as a method of creating dynamic ranges.
ASU 2014-09, as amended, changes how all entities will recognize and disclose revenue transactions. Gone is the industry-specific guidance and specialized revenue recognition methodologies. This rules-based approach was replaced with a single principles-based approach that will converge (for the most part) U.S. GAAP with IFRS.
This executive overview session will walk you through each of the five steps to provide a functional understanding of the new principles-based approach. We'll then switch gears and discuss the lease standard which is derived in part from the revenue standard. We will examine the impact of implementing the new standard on the balance sheet, income statement and cash flow statement. We will mainly focus on the impact to lessees as the lessor guidance had significantly fewer changes.
Cyber risk has become a front-and-center issue in today’s global economy, with the cost of cybercrime expected to rise to $6 trillion by 2020. Cyber intrusion is no longer a question of if, but a question of when. The CPA profession brings a long history of strong values as well as decades of experience in auditing information technology controls and providing independent assessments.
During this session, discuss how cybersecurity professionals working with accounting and professional service firms are identifying issues early by assisting companies with building strong cybersecurity programs that identify and categorize potential security threats, implement controls designed to prevent the most significant threats whenever possible, and detect when security breaches occur so the organization can respond properly.
During this session, discuss:
- The rate differences and how that may affect the choice of entity
- The new net operating loss deduction
- Changes in the depreciation rules and how they may affect the choice of entity and other decisions
- Entertainment and whether or not it is deductible, especially in the absence of the miscellaneous itemized deductions on the individual return
- The potential loss of the interest expense deduction
- Preparation of applicable financial statements and the effect on Schedule M-1 on the business filings
- Other pronouncements as released by the Internal Revenue Service (IRS)
- Individual changes and choices under the Tax Cut and Jobs Act, including:
- The rate changes and individual net operating loss deduction
- The effect on state filings
- Schedule A and what deductions are left
- What is going on with the home equity borrowings
The goal of this session is to explore strategies for utilizing the tax and savings benefits of 529 plans to help pay for educational expenses. With the ever-increasing costs of college and private school, it is now more important than ever to help clients reduce that burden through proper planning. New tax law changes have expanded the use of 529 plans to include K-12 private educational expenses, making them an even more effective planning tool.
- Recognize the tax benefits of 529 plans for education planning
- Understand the types of 529 plans and their applications
- Explore funding scenarios to maximize tax advantages
- Review the new tax law changes that allow 529 plans to be used for K-12 education
- Discuss the flexibility of 529 plans and ways to avoid overfunding
The Tax Cuts and Jobs Act has expanded thresholds to allow companies to use different types of accounting methods. There are four main changes in accounting methods related to the cash method of accounting, UNICAP and the Percentage of Completion Method and accounting for inventories. Now companies that have $25,000,000 or less in average gross receipts for the past three years can file Form 3115 to adopt these new accounting methods.
This session will look at the procedures to file the change of accounting methods, the type of clients to target with these changes and how to calculate the 481(a) adjustments for the client.
The new 20% business deduction provided in IRC Section 199A is estimated to affect as many as 10 million taxpayers according to IRS estimates. After a much anticipated wait, the Internal Revenue Service (IRS) issued proposed 199A regulations on Aug. 8, 2018 that provided clarification and helpful guidance to apply the deduction rules. This session takes an in-depth look at those regulations and the mechanics of calculating the 20% deduction under Section 199A. The following are just a few of the topics to be discussed:
- Definitions applicable to IRC Section 199A, including phase-in and applicable percentage
- Relevant pass-through entities (RPE) and treatment of fiscal year entities
- What constitutes a trade or business
- Which businesses and entities qualify
- Rental property eligibility and the common control exception
- Which businesses are SSTBs, the effect of being an SSTB on the deduction and the $25 million de minimis rule
- Calculation mechanics and the effects of thresholds, W-2 wages and qualified property
- Tips to easily apply and understand the deduction and how to maximize it
- Aggregation rules and the effect of electing to aggregate
- Entity choice comparisons
In this closing session of the E-Summit, all of the speakers will join us to further examine the topics explored in their presentations. The floor will be opened to attendees, allowing you to share your own experiences and to ask your own questions of the panel. It’s a great opportunity to put the essential knowledge gained throughout the day into the context of your own organization.
For more information regarding refund, complaint and program cancellation policies, please vscpa.com/CPEPolicies or call (800) 733-8272.
The Virginia Society of CPAs (VSCPA) 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: NASBARegistry.org.