Journal entry to record liquidating dividend


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18 and other attestation matters *Other important A&A practice matters*Using Excel's SUM function to simplify the sum-through formula building process *Adding or removing worksheets from a sum-through total *Working with Excel's Data Consolidate function to consolidate data by position or category *Building sum-through formulas with wildcard characters *Using Pivot Tables to consolidate data in the same workbook or multiple workbooks*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing*SS update *Why CPAs should discuss Social Security with their clients *How CPAs should discuss Social Security with their clients *How CPAs can grow their practice by discussing Social Security with their clients*When to sign documents for organizations*What positions in organizations are open for conspiracy charges and why*What you should do if you suspect fraud*How your decision to fight or plea out has a dramatic impact on your life*What federal prison is like, and life after you have done time*Why you cannot give up on your career and accept less.* Leverage the workpaper review process to ensure compliance with audit documentation standards * Emphasize the importance quality control monitoring to identify deficiencies in compliance with professional and regulatory standards * Suggestions to mitigate "real-life" audit report dating issues/concerns encountered by audit firms (e.g., issuing multiple audit reports with an appropriate audit report date, subsequent events identified after audit report date but prior to report release date, sufficiently fulfilling the document completion date requirements, management representation letter dating, evaluating the sufficiency of attorney's letter responses, etc.) * How Yellow Book and Single Audit standards influence general audit procedures and issuing audit reports* Case studies with completely filled-in forms tracking the flow of tax items and worksheets * Taking advantage of separate shares and the merged estate * Merging estates and trusts for income tax purposes * Special problems of estates and trusts relating to the new 3.8-percent tax on investment income * Alternative minimum tax for trusts and estates (Schedule G) * Grantor trusts: identification and compliance issues * Income in respect of a decedent, deductions in respect of a decedent, and the 691(c) deduction: calculation and allocation * Funding pecuniary marital trusts * Charitable deductions (Schedule A) * Charitable remainder trusts (Form 5227) and the ordering rules * Depreciation problems & special issues of holding rental real estate * Special problems for a trust or estate holding a partnership interest or S corporation stock (ESBTs and QSSTs) * Post-election developments relative to potential estate tax repeal, and the implications for trust planning* All the legal implications of an LLC and the differences in various state law treatments * Formation issues, including the new regulations on disguised sales and contributions of appreciated property * Design features and pitfalls, including special allocation issues, different classes of ownership interests, and articles of organization issues * Operating issues, including cash flow, debt allocation, tax basis, and distribution issues * When to use an LLC or partnership for joint ventures and real estate opportunities * Sale and liquidation advantages of LLCs and partnerships * New regulations on disguised sales and `bottom dollar' guarantees* An introduction to special purpose frameworks * Authoritative and non-authoritative guidance used to prepare SPF financial statements * Common issues in preparing SPF financial statements * Cash basis and modified cash basis financial statements * Income tax basis financial statements * The AICPA's new special purpose framework - FRF for SMEs TM*DCAA current initiatives *Hot topics such as the 2018 NDAA permitting commercial firms to perform incurred cost audits *Cost Accounting Standards * Preparing the annual Incurred Cost Submission using the DCAA ICE template * Preparing cost or pricing proposals * DFARS compliant estimating systems *Defective Pricing Five-step process to recognize revenue under ASC 606: *Step 1: Identify the contract *Step 2: Identify the performance obligations *Step 3: Determine the transaction price *Step 4: Allocate the transaction price *Step 5: Recognize revenue* Working more effectively with contacts and the address book* Using, organizing, and sharing calendars among co-workers and others* Employing automated processes to schedule meetings and resources* Communicating more effectively using the out-of-office assistance, simple voting polls, and template messages* Update on major recent enacted tax law changes * How the Code affects tax planning for individuals and businesses * The latest on depreciation and safe harbor expensing options * Review of pertinent cases and rulings regarding exclusions, character issues, retirement plans, travel and other items affecting your individual taxpayers * Practice aids, including all the numbers applicable this year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more * Developing tax law changes, including the status of DOL overtime rule changes* Post-election legislative developments * Basis planning: at-risk and passive considerations * Net investment income planning, including planning for the possibility of repeal * Related party transactions: making them work * Income splitting and shifting with family can create great benefits * Compensation for pass-through owners* Accounting standards update: High-level rundown of major standards changes effective this year with a focus on practical implications * Cybersecurity and ID theft update: What all CPAs should know about the current threats and scams to keep their personal, firm, and client data secure * Roundup of other current and emerging challenges and threats as identified in the leading industry surveys, with implications and discussion of responsive strategies (such as Millennials in the workforce, useful performance metrics for CPA firms, value-based pricing, and avoiding professional liability risk on attest and nonattest engagements)The specific topics that will be covered in this course include:*Overview of Share Point Online*Understanding and set up Share Point sites*Establish internal and external document libraries for online collaboration*Create customized lists to track important data*Use task lists and site calendars to manage projects*Manage the look of your sites with templates and styles*A tour of the most recent changes starting from gross income and ending with alternative minimum tax (AMT) and selected credits including the latest IRS guidance on significant recent tax legislation *Hot, hidden, or miscellaneous developments affecting the upcoming tax season *How the Affordable Care Act affects tax returns *Form 8960 Net Investment Income Tax -- Methods to attempt to mitigate *The latest guidance on child credits, education credits, education incentives, and net capital gain and qualified dividend income rate reductions *Examination of troublesome areas and new stumbling blocks in preparing Form 1040, including a new look at passive activities in combination with NII *Review of new laws and changes in old forms to provide a familiarity for the upcoming tax season *Key new tax and practice developments and how they impact the current-year tax forms for individuals*Private Company Council (PCC) influenced U. GAAP alternatives, such as common control leasing arrangements, interest rate swaps and goodwill *What nonpublic reporting entities need to do now related to ASU 2014-09 Revenue Recognition *The impact of the new ASU 2016-02 Leases, and whether there is anything entities need to do now to prepare for implementation *Highlights of other ASUs with open effective dates for nonpublic business entities that have the greatest likelihood of changing the financial statements of smaller entities *Significant pending FASB activity related to smaller private businesses*We will cover the following major areas: - COFAR and FAQs - Effective date, applicability and transition issues - The new changes to thresholds, what changed, what remains - Illustrative diagrams of the financial management system - New emphasis on internal controls, terms and conditions and incorporate the results of Single audits into risk analysis - Changes to time reporting - List of the cost principles categorized as allowable and unallowable *New areas in the Uniform Guidance: - Conflict-of-interest - Disclosure of criminal conduct - Computing devices treated as supplies - Revised to 5 new methods of procurement: micro-purchases, small purchase procedures, sealed bids, competitive proposals and sole source - New section on sub-recipient monitoring - Internal controls - Period of performance - Fixed amount awards and sub-awards - 10% de minimus indirect rate - Extending existing negotiated indirect rates up to 4 years - The direct cost allocation principle - The direct charging of administrative personnel to awards - Unallowable costs plus interest refunded to agencies - How to handle negotiated indirect rates with unallowable costs - A new onerous certification*Private Company Council (PCC) influenced U. GAAP alternatives, such as common control leasing arrangements, interest rate swaps and goodwill *What nonpublic reporting entities need to do now related to ASU 2014-09 Revenue Recognition *The impact of the new ASU 2016-02 Leases, and whether there is anything entities need to do now to prepare for implementation *Highlights of other ASUs with open effective dates for nonpublic business entities that have the greatest likelihood of changing the financial statements of smaller entities *Significant pending FASB activity related to smaller private businesses*Criteria that the IRS uses to select returns for examination *Worker classification determinations on who is an employee and who is an independent contractor *S corporation officer's reasonable compensation issues *Responsibilities to pay the employment taxes when the business defaults *Tax-related identity theft procedures* Shorten the time it takes to prepare a presentation * Organize content into a simple speech structure * Increase the impact of the opening and conclusion * Create stories and examples that are memorable * Connect with both technical and non-technical audience members * Speak in a way that enables audience to see presentation * Build credibility through word choices * Deliver message with ease, to any audience, at any time In this interview with Gary Zeune, Brodzin will explain:*How he rationalized his theft*The lack of controls and oversight that allowed it to continue*How he covered his tracks on the general ledger*How he manipulated banks and set up fake entities*The consequences for himself and the hospital*Most importantly, the simple controls that would have detected his fraud earlier.*Scope of Circular 230 *Elimination of Limited Practice privilege *Registered Tax Return Preparer *Competency Testing and CPE requirements *Advertising and solicitation limits *Incompetence and disreputable conduct *Sanctions and enforcement *Interaction with SSTS and Section 6694 Prepare Penalties* Private company standard setting activities * Recently issued FASB Accounting Standards Updates * Revenue recognition * Leases * Financial instruments * Recently issued SASs and other AICPA activity * SSARS No.

21, Clarification and Recodification * Attestation matters on the radar * Other important A&A practice matters* Cases, rulings, and tax law changes affecting S corporations * Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues * Use of redemptions: still some advantages * Planning for the liquidation of an S corporation * Tax issues for family ownership of S corporation stock * Impact of the tax on net investment income on sales of S corporation stock * Stock basis: Loss limitations, AAA, and distribution issues in depth * Debt basis: what the regulations on back-to-back loans mean to investors * Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance * Built-in gains: the 5-year recognition period is permanent * S corporation structuring: one class of stock * Methods of accounting * New legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates*A deep discussion of actual fraud and unethical cases involving CPAs *A managing partner who lost everything he worked for in one hour *How false sign-off of work can cost you your license *How the compensation and control system brought down a CPA firm *Common immaterial amounts that are material ethics violations *How CPAs can be independent in fact, but not to a jury *How "willful blindness" can cost you your CPA license *Examples of CFOs and CEOs fired for unethical behavior that didn't involve money By analyzing 10 fraud risks and cases you won't find anywhere else, upgrade your controls and audit procedures to detect and prevent someone from stealing your hard-earned money:*Failure to adapt has closed 40% of this industry's businesses in 5 years*Company quadruples price.

* Material participation rules for LLC members and limited partners: how they affect passive loss issues * Continuation and termination of an LLC/partnership in the context of a merger or acquisition * Sales of an LLC Interest -- holding period, and hot asset issues * Impact of the tax on investment income on the sale of an interest in a partnership or LLC* Form 709: gift tax reporting; the effect of the lifetime exclusion * Present interest versus future interest * The annual exclusion, what qualifies and how is it calculated * When are consenting spouses not required to file Form 709 * What gifts are excluded from gift tax reporting * Adequate disclosure requirements and the statute of limitations * Proper gift tax reporting of front-end loaded 529 qualified tuition plans * The inclusion of up-to-date revised forms and references * Calculation of unified credit and prior years credit re-calculation * Calculation of additional credit for decedent spouses unused exemption (DSUE)* 'Little GAAP' * New U. Accounting Principles * IFRS Convergence * Revenue Recognition * Leases * FRF for SMEs TM * The AICPA's New Code of Professional Conduct * COSO's Updated Internal Control-Integrated Framework * SSARS No.

21: Clarification and Recodification * Auditing Matters on the Radar* Refining key planning and general auditing considerations to the not-for-profit environment * Characteristics of not-for-profit financial statements that require special attention * The auditor's consideration of fraud in auditing a not-for-profit entity * Audit procedures to become comfortable with management's recording and reporting of contributions and promises to give * Auditing how a not-for-profit entity gets from natural expenses to functional expenses * Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections and split-interest agreements * Considerations related to Yellow Book and single audits * The 2017 version of the course will also contain bonus coverage of the new ASU on not-for-profit financial statements (i.e., ASU No.

21, Clarification and Recodification, and other recent ARSC Updates * SSARS No.