- TX Credits : 8.0
Course Description - This course provides a look at the requirements for preparation and compilation engagements performed under SSARS. While both engagements are considered non-assurance engagements, only the compilation engagement is an attest engagement. A comparison of the two engagements will be provided in order to assist the accountant in determining which is the most appropriate engagement. Review engagements have been changed as a result of the issuance of SSARS 25. This course will review the changes and provide guidance on how practice will change. Reports issued under SSARS, including compilation reports will be discussed in this course. The process of preparing financial statements is dictated by the Applicable Financial Reporting Framework selected by management. This course not only explores the basic financial statements required under United States GAAP, but also covers the impact of the use of Special Purpose Frameworks. The FASB continues to issue guidance related to the simplification project that will ease financial reporting requirements. We are also in the midst of implementing the revenue recognition and lease standards, with CECL looming. This course will address the major new FASB Standards as well as provide an overview of the recently issued auditing standards that will impact the audit report and ERISA audits.
1 day course covered in less depth than the 2 day course.
Gear Up is returning to in-person seminars during 2021 with a limited number of in-person offerings in select locations. For a listing of Gear Up sponsored in-person events click here.
Transfers/Cancellations - In light of the continually evolving COVID-19 situation, we've revised our cancellation policy to afford you the flexibility to confidently pursue the education you need. Click here for policy details.
We partner with sponsoring state associations to provide both live, in-person, and online seminars. Here is where you can reach your local partners to learn more.
Click here for a schedule of their events (PDF).
Going virtual has never been easier and a better value!
Does not apply to association or society events.
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Recognize the penalties that can apply to a 1040 return.
Apply statutory limits to medical expenses, taxes, and qualified residence interest.
Identify tax credits for which clients may qualify and which tax credits are refundable.
Describe proper reporting on Form W-2.
Determine if debt forgiveness results in taxable income.
Determine requirements and allowable IRA contributions, both traditional and Roth.
Determine when IRA distributions are taxable or subject to a penalty.
Apply rules for nonqualified use of a principal residence.
Identify the provisions of IRC Sec. 199A.
Identify a specified service trade of business.
Identify material participation requirements.
Determine when to use elections for grouping activities and real estate professionals.
Apply rules for passive and rental activities for self-charged interest income.