The Bottom Line, 2020 edition by WICPA

A CPE publication by the Wisconsin Institute of CPAs for accounting and business professionals

2020 Edition

Develop your skills. Update your knowledge base. Advance your career.

Ethics

Financial Management

Accounting & Auditing

Tax Planning

Technology

Risk Management

Employee Engagement

Mergers & Acquisitions

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CONTENTS

Features 4 Professional Development Advances in online learning opportunities

By Tammy J. Hofstede, WICPA President & CEO

6 Ethics Ethical issues raised by the COVID-19 pandemic

By Karla M. Nettleton, JD, and Michael G. Goller, JD

10 Financial Management Managing financial risk in your personal life

By Brian J. Ellenbecker, CFP, EA, CPWA, CIMA, CLTC

14 Accounting & Auditing Changes brought about by the COVID-19 pandemic By Brad Netzel, CPA

18 Tax Planning Highlights of the COVID-19 pandemic’s effect on tax planning

24 Technology Bots can boost accuracy and productivity in challenging climate for CPAs By Kirstie Tiernan, CFE, OCA

28 Risk Management Risk management for remote workers in the new COVID-19 environment

By Arlene Petersen, CPCU

32 Employee Engagement Create a culture of giving By Jennifer Zisser

36 Mergers & Acquisitions Don’t be “floored” by purchase accounting struggles By James P. Swanick, CPA & Michael J. Tighe, CPA

Inside back cover

By Robert A. Mathers, JD, CPA, ABV, PFS

CPE & Special Events REGISTRATION 39

BREAKFAST PROGRAMS 46

REGISTRATION FAQs 71

ONLINE CPE 40

SEMINARS 52

CPE CALENDAR Inside back cover

CONFERENCES 44

CPE REQUIREMENTS 68

2020 EDITION | wicpa.org A publication of the Wisconsin Institute of CPAs

INSIDE STAFF Tammy Hofstede President & CEO Ext. 4518 tammy@wicpa.org The CPE publication for accounting and business professionals The Bottom Line is published annually by the Wisconsin Institute of Certified Public Accountants (WICPA). Change of address should be sent to: WICPA Membership, W233N2080 Ridgeview Parkway, Suite 201, Waukesha, WI 53188; Phone: 262-785-0445 or 800-772-6939; Fax: 262-785-0838; email: amanda@wicpa.org. Statements and opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of the product or service by The Bottom Line or the WICPA. Articles may be reproduced with permission. ÂŠ Copyright 2020 The Bottom Line.

Tony Hofstede Marketing & Technology Director Ext. 4508 tony@wicpa.org Brett Stallman Graphic Design Manager Ext. 4512 brett@wicpa.org

Abbie Bottom CPE Program & Event Coordinator Ext. 4505 abbie@wicpa.org Trevor Smith Accounting Manager Ext. 4517 trevor@wicpa.org Marcia Tillett-Zinzow Editor mtzinzow@icloud.com

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Advances in Online Learning Opportunities By Tammy J. Hofstede

he COVID-19 pandemic has forced many large venues to close their doors, limit the amount of people allowed inside and change how service is provided. Likewise, it has prevented in-person training and conferences — but it has not eliminated opportunities to expand your professional knowledge and ensure your lifelong employability. Instead, the pandemic has moved learning online. Changes continue to occur in the profession — whether related to regulatory standards, technology, security, law and employment, or diversity — and the WICPA is here to make sure you stay current in your profession. Online learning offers flexibility to gain relevant skills tailored to your needs. To ensure the safety of our members, our staff and the community, the WICPA has transitioned to livestreaming all conferences, breakfast programs, seminars, webcasts and trainings through April 30, 2021. Conferences and select programs will also be recorded for future on-demand viewing and will qualify for formal CPE credit. In addition, online learning is a great opportunity to continue to build skills that will help position you for success both now and into the future. As you work through your CPE this year and in the future, here are things you may find surprising about the current state of online learning:

It’s relevant We have scheduled our roster of speakers and presentation topics to create exciting and interesting CPE programs. Plus, presenters are tailoring and

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To ensure the safety of our members, our staff and the community, the WICPA has transitioned to livestreaming all conferences, breakfast programs, seminars, webcasts and trainings through April 30, 2021.

customizing their content to meet your interests and educational needs in ways that work best for digital learning.

It’s timely Livestream and on-demand programs allow presenters to quickly deliver timely information and insights about pressing matters. The pandemic has triggered expanding CPE to online offerings of our breakfast programs, seminars and conferences.

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We have hosted programs on business continuity during the COVID-19 pandemic, including sessions on remote audits, taxes, the Payroll Protection Program and other components of the federal Coronavirus Aid, Relief and Economic Stimulus Act. We will continue to add programs as additional changes occur.

It’s interactive Presenters are using real-time surveys and quizzes to gauge your thoughts, perspectives and comprehension. They’re using games to foster attendee interaction and participation. And some are using breakout “rooms” to encourage small-team collaboration. Many event platforms now allow you to connect and chat virtually with other attendees and to promote ideas and information during the programs.

Others are taking things outdoors, holding audio-only presentations and encouraging participants to take a walk as they listen. This not only makes sessions more interesting; it also aids learning. Research shows that blended learning — which combines individual study with instructor-led education — is the most effective way to absorb new material.

It’s comfortable Perhaps the best part of online education and events is that you can participate from the comfort of your home, where you can spend more time with your family. These are just a few of the things you can expect at your next online training, conference or webinar.

It’s more than just a screen Presenters are augmenting their online presentations with worksheets and other materials. Some are complementing presentations with podcasts.

Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445 ext. 4518 or tammy@wicpa.org.

2020 WICPA CONFERENCES Y OU R S O U RCE FOR K E Y U PDAT ES & INS IGHTS ON TIM E LY ISSU E S

Tax Conference Thursday, Nov. 12 - Friday, Nov. 13 Business & Industry Fall Conference Wednesday, Sept. 23

Accounting & Auditing Conference Wednesday, Nov. 18

Not-for-Profit Accounting Conference Monday, Sept. 28

Technology Conference Thursday, Dec. 10 - Friday, Dec. 11

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Ethics l Pandemic issues

Ethical issues raised by the COVID-19 pandemic

By Karla M. Nettleton, JD and

Michael G. Goller, JD

ttorney and CPA malpractice insurance carriers, along with the American Bar Association, all indicate that far more malpractice claims arise during times of economic recession. For example, these claims doubled from 2005 to 2009 due to the Great Recession. Because it takes time to discover negligence, there is often a delay in claims. Economic downturns also have a way of revealing fraudulent schemes and substandard work product. Further, when liquidity dries up due to an economic slowdown, tax shelters and tax avoidance schemes often come to light.

As the economy slows, taxpayers may engage in behavior designed to avoid paying tax. Further, the COVID-19 world is changing at a rapid pace, impacting deadlines, responsiveness and services. As such, practitioners must be vigilant. To avoid malpractice and ethical issues, practitioners should consider the following:

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Far more malpractice claims arise during times of economic recession. • Frequently check the IRS website for updates and guidance. The IRS uses its website as a primary means of providing guidance. • Track, check and double-check all deadlines. The IRS and most states changed many key tax deadlines. Practitioners need to be aware of these changes. • Consider using reminders to check on the status of filings, and update deadlines if necessary. • Protect firm data. Both the IRS and the AICPA have issued guidance indicating that a practitioner has a duty to keep client data secure. In times of crisis, data theft is likely to increase. Further, with more communications being electronic and not face-to-face, the likelihood of a data breach increases. • Communicate frequently with clients. This should include updating them about the status

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of filings or cases. Talk to your clients about changes in the law and business activities they are engaging in to ensure they are receiving the correct services and support. • Document! Practitioners should document communications with clients and any significant actions taken on behalf of a client. • Pay special attention to conflict of interest issues. Conflicts are a primary source of malpractice and ethical claims. • Watch out for overly aggressive tax positions. When times are tough, there is a temptation to take more aggressive tax positions. • Watch the client intake process. Make sure new clients are those that you can help and assist. • Document all tax losses. No one plans to lose money, but when a loss occurs, make sure it can

be claimed and supported. The new Net Operating Loss carryback rules create opportunities, but know that many of these carrybacks will be audited. Finally, the COVID-19 pandemic crosses not only national borders but also practice areas. It is unlikely that any one person is an expert on tax issues, insurance coverage matters, loan and borrowing questions, and the myriad of other issues and concerns raised by the pandemic. Practitioners need to communicate, pool resources and ideas, and watch for the many “traps for the unwary.”

Karla M. Nettleton, JD, is a tax attorney with Reinhart, Boerner and Van Deuren s.c. in Milwaukee. Contact her at 414-298-8310 or knettleton@reinhartlaw.com. Michael G. Goller, JD, is a shareholder and chair of the firm’s tax practice. Contact him at 414-298-8336 or mgoller@reinhartlaw.com.

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WICPA Career Center

Post Job Openings l Upload Your Resume l Apply For Jobs

Whether you’re looking for a new career or a new employee, the WICPA’s new and enhanced Career Center can help you make the most of your search.

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Find or post a job today at wicpa.org/CareerCenter.

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Financial Management l Personal risk

Managing financial risk in your personal life

anaging your individual finances can be very rewarding but is also fraught with potential risks and landmines. Knowing what to watch out for and how to handle these risks when they By Brian J. come up is critical to achieving Ellenbecker, long-term financial success. CFP, EA, CPWA, Working with professionals CIMA, CLTC — such as accountants, attorneys, financial planners and insurance experts — can increase your chances of success even more. Let’s explore some of the key things you can do to put yourself in the strongest financial position possible while giving yourself the best chance to manage and overcome some common risks.

Build and maintain an emergency fund

You know certain expenses are bound to come up, but you’re not sure when they might happen. Some expenses are unknown and will simply come out of the blue. Perhaps you unexpectedly lose your job or see your hours cut. With the spread of the coronavirus and the resulting government response, many people saw several of these unexpected events happen at once! One of the first things you should do is to make sure you have enough savings in a safe, liquid account (like a savings or money market account). 10 The Bottom Line | 2 0 2 0 E d i t i o n

This will provide a cushion should an unexpected event occur. Typically, you should have three to six months of expenses saved in this type of account. However, if you have a job in which your income is less predictable or your job stability is uncertain, having a larger emergency fund might be appropriate.

Have sufficient insurance in place

Insurance is designed to protect against events that could cause financial hardship or even financial ruin if they were to happen. At a minimum, you want to make sure you protect your health, ability to earn income, life and valuable property. wicpa.org

• Protecting your health: Health insurance is one of the most important types of insurance to have. Health care expenses in the U.S. continue to outpace the general inflation rate, so it’s important to make sure you can pay for both routine and unexpected health care costs for you and your family. Health insurance is offered many ways. For example, many still get it through their employer, and some buy individual plans either through the Marketplace (Healthcare.gov) or privately through insurers. Older Americans have access to Medicare, and lower-income individuals may qualify for Medicaid. Regardless of where you get your wicpa.org

insurance, it’s important to understand what your policy covers and what your share of the cost will be. If your current coverage doesn’t meet your needs, explore other options that may be available. • Protecting your income: Your ability to earn income is perhaps the most important asset you have to build a stable financial future. Protecting that asset is critical. Disability income insurance is an invaluable tool that will help you do that. Typically, you want to purchase as much of this insurance as you can afford; however, you cannot purchase an unlimited amount

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It’s important to remember that there is no “perfect” investment strategy that will safeguard your portfolio from market volatility and provide the growth potential needed to meet your financial goals. of disability coverage. The maximum amount of income that can be covered is usually capped at around 60% of income. It is also important to understand the various types of disability coverage that are available. Some policies will pay a benefit if you simply cannot work in your current occupation (referred to as “Own-Occ”). Others may pay only if you cannot work in any job (“Any-Occ”). The more generous the policy terms are, the more expensive the policy will be. • Protecting your life: Life insurance can provide much-needed liquidity and assets to help your heirs maintain their lifestyle in the event of your premature death. There are many types of life insurance policies available (such as term, whole life, universal and variable), and it’s important to understand how each policy type works and which one is most appropriate for you based on your personal circumstances and needs. • Protecting your property: Having enough property and casualty insurance on your assets to protect from unforeseen liabilities is another key aspect of a complete insurance plan. At a minimum, make sure you have enough homeowners’ insurance (or renters’ insurance if you don’t own property), auto insurance and an umbrella policy. An umbrella policy is extra liability insurance that goes beyond the limits of your current home, auto and/or watercraft insurance.

Manage risk in your portfolio

Investing inherently contains risks. Those risks can be managed by having an asset allocation that aligns to

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your time horizon and risk tolerance. Asset allocation should identify an appropriate mix of stocks, bonds and cash to help reduce your portfolio’s volatility, minimize losses and maximize overall gains. The right allocation can be the best defense against market fluctuations. It’s important to remember that there is no “perfect” investment strategy that will safeguard your portfolio from market volatility and provide the growth potential needed to meet your financial goals. Most professional money managers stress the importance of asset allocation because they never know when a market downturn might be coming — but they do know that downturns will occur from time to time. Making sure the portfolio is allocated to some asset classes that provide growth and some asset classes that protect on the downside means that the portfolio is always positioned to weather a market downturn, whenever it may come.

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Market timing is next to impossible, and professional money managers know they cannot rely on it as an effective strategy to combat adverse market movements consistently. While no one could have anticipated that a coronavirus pandemic would be the cause of the next significant market downturn, if your portfolio allocation included asset classes that provide protection on the downside, your portfolio likely performed much better on a relative basis than that of someone who had all stocks.

Have a strong team behind you

Managing your financial life can be a complicated endeavor. In addition to the previously mentioned items, you must worry about taxes, estate planning, managing debt, cash flow planning and budgeting, and charitable planning, to name a few. Successfully navigating these numerous and complex topics is challenging, to say the least.

Making sure you have a team of professionals behind you who can help navigate these various issues and avoid potential mistakes is very important. Your team should include a financial planner, an accountant, an estate planning attorney and insurance experts. Depending on your individual needs, other professionals (whom your team of experts can help identify) may also be helpful. Managing financial risks, especially in challenging times like these, is critical to successfully meeting your long-term financial goals. Your odds for successfully navigating these challenges improve dramatically with a team of experts behind you.

Brian J. Ellenbecker, CFP, EA, CPWA, CIMA, CLTC, is a financial planner with Shakespeare Wealth Management in Pewaukee. Contact him at 262-814-1600 or brian@shakespearewm.com.

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Accounting & Auditing l Pandemic changes

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Accounting and auditing changes brought about by the COVID-19 pandemic

hatever your background, we can all agree that the first five months of the new decade were full of surprises — well, maybe just one big surprise of global proportions! No aspect of life has been spared from the By Brad Netzel, COVID-19 pandemic, whether CPA in your personal life or your work life. The way we perform everyday activities changed overnight for service providers, manufacturers, restaurateurs, aestheticians, bankers, daycare providers, first responders, health care workers and more. I could go on, but you get the idea. Furthermore, changes caused by the COVID-19 pandemic are going to have residual effects on the business community from a financial and GAAP perspective.

The AICPA issued FAQs on areas potentially impacted by the way companies and service providers have had to adapt during the pandemic. Those resources can be found at tiny.cc/AICPACovid19FAQs.

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If you perform audits or are involved in the audit of your company’s financial statements, there are several areas that should be addressed if applicable: accounting for PPP loans, inventory observations, on-site fieldwork/access to audit support, impacts on certain management estimates and disclosure requirements. However, this list is not all inclusive and will vary depending on your industry.

Accounting for PPP loans

While most entities’ eight-week or 24-week window under the PPP loan to calculate potential forgiveness will be closed prior to the end of 2020, it is unlikely that the SBA will have completed their audits of the loans for those entities that received a loan in excess of $2 million. Discuss your particular situation with your auditors now to avoid unnecessary surprises at the end of the year. As guidance continues to be provided by the SBA, good contemporaneous documentation of the eligible expenditures made with the loan proceeds is important for the auditor to assess compliance against the criteria for forgiveness. As guidance is made available, the ultimate conclusion on forgiveness could be different than originally anticipated.

Inventory observations

In the current environment, it can be difficult to verify the existence of inventory quantities through observation procedures. If outside personnel are not allowed on premise, consider using electronic capabilities, such as video conferences for the auditor to “attend” the count in a virtual setting.

On-site fieldwork/access to audit support

Make sure to discuss on-site fieldwork early in the process to determine whether it is even possible or if there are additional protocols for visitors to follow while The Bottom Line | 2 0 2 0 E d i t i o n

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Make sure to discuss on-site fieldwork early in the process to determine whether it is even possible or if there are additional protocols for visitors to follow while on site. on site. Everyone should understand what support is available if company personnel and auditors are operating remotely. Up-front planning can help limit the frequency of trips into the office to pull support that is not accessible remotely. The support provided for each area should be agreed upon to ensure the auditor is able to conclude and be comfortable they have obtained sufficient audit evidence. The use of a secure portal is highly recommended to avoid unauthorized access to your corporate information, some of which could be highly sensitive in nature. 16 The Bottom Line | 2 0 2 0 E d i t i o n

Impacts on management estimates

This topic applies wherever there is a management estimate in the financial statements. Here are a few examples:

Accounts receivable reserves: Given the financial stress the pandemic has had on companies, there could be pressure on the historical collection rates, resulting in higher reserve requirements.

Inventory costing: If your company has experienced a significant drop in volumes during the pandemic and has slowed manufacturing, you should evaluate whether certain costs are more representative of period costs (in other words, not capitalized into inventory) or the manufacturing volumes are outside normal operating capacity, which would result in unabsorbed overhead costs being reflected as a period cost instead of capitalized into inventory.

Inventory reserves: As noted above, if the business is still operating within its normal operating capacity and additional overhead costs are capitalized into inventory, the increased cost could result in a potential lower of cost or net realizable value issue. The reserve for excess inventory is another common reserve that may require a different approach in 2020, due to reduced volumes. Many companies will utilize historical sales volumes to determine if they potentially have excess inventory on hand. If the

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have not been issued, the going concern analysis needs to cover at least a 12-month period from the date of the report, which would include trying to predict how this pandemic will ultimately play out.

Disclosure requirements

One of the most significant impacts we have seen so far for disclosures relates to the company’s potential exposure to various economic or geographic regions. Economic shutdowns, essential businesses having to continue operations, and varying impacts of the virus by region can all lead to disclosure requirements. For calendar-year companies, the pandemic is considered a type II subsequent event (in other words, unrecorded), but it would trigger a disclosure to address the potential effects and the company’s responses to those impacts.

Special attention should be paid to any concessions received under agreements that have specific accounting guidance associated with them (for example, leases) to determine how to treat those concessions.

company experienced a significant reduction in sales volumes during 2020, this could result in an artificially high calculated reserve requirement.

Impairment assessments: Any impairment assessment is highly dependent on forwardlooking information. This can be difficult because of the constantly evolving situation. Good contemporaneous documentation of judgments is key so the specific facts and circumstances of the situation are available.

It seems like everyone is starting to adapt to the “new normal” now that the initial shock is over. This decade is off to a wild start, full of twists and turns — exciting for a roller coaster, but not so much fun when trying to navigate through life. However, this too shall pass. Until then, it will take creative solutions using available technologies, open communication, taking a fresh look at how we all operate, and equal parts empathy and patience. We are truly all in this together. Take care, and stay safe.

Going concern analysis: The pandemic is considered a 2020 event for calendar-year companies. However, if the financial statements

Brad Netzel, CPA, is a partner on Sikich LLP’s accounting and audit team. Contact him at 262-754-9400 or brad.netzel@sikich.com.

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Tax Planning l Pandemic effects

HIGHLIGHTS OF THE COVID-19 PANDEMIC’S EFFECT ON TAX PLANNING

n 1918, the influenza pandemic was the most severe pandemic in recent history. After the first wave, it went on to kill an estimated 50100 million people worldwide, surpassing the 20 million deaths reported during World War I. Unlike the 1918 pandemic, which By Robert A. appeared to have a somewhat Mathers, JD, CPA, ABV, PFS arbitrary geographic spread and economic effect, the 2020 COVID-19 pandemic is more ubiquitous in its health and economic consequences. Except for a brief imposition during the Civil War, the United States did not legalize an income tax until the 16th Amendment was ratified in 1913. Unlike the fledgling federal tax policy of the early 1900s, which made a barely noticeable difference for the country’s economic recovery going into the Great Depression, the 2020 COVID-related tax changes are massive. This article is meant to highlight some of the more significant changes in tax laws in the wake of the 2020 COVID-19 pandemic. On March 27, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Relief (CARES) Act (P.L. 116-136). The CARES Act provides relief for individuals and businesses as follows:

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INDIVIDUALS Recovery rebate credit

The recovery rebate tax credit was made available as an advance payment to qualifying individuals in 2020 — with the first payments being made swiftly, while others were delayed for months. While this is a fully refundable tax credit of $1,200 for each eligible individual ($2,400 for two eligible individuals filing jointly and another $500 for each qualifying child — subject to phase-outs), qualification is generally based on the 2019 tax return attributes. Other features of the law benefit individuals who have not yet filed a 2019 return.

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Planning observation: The IRS has issued a series of questions and answers to deal with the myriad of issues associated with these payments. For example, Q&A #10 addresses the issue of payments issued to deceased individuals. In this guidance, the IRS states, “A Payment made to someone who died before receipt of the Payment should be returned to the IRS …” It goes on to provide instructions about repayments. (See IRS.gov/coronavirus).

Extended due dates

The extension of the filing deadline for individuals to July 15, 2020, applies to individual returns that are otherwise due on or after April 15 and before July 15.

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The extension applies regardless of whether the deadline for an individual return was the original filing date or the date of a valid extension. No forms need to be filed for these extended due dates. Taxpayers needing additional time to file a specified return after July 15 may file the appropriate extension form by that date. However, any additional filing extension will not go beyond the original extension due date (for example, Oct. 15, 2020, for individuals). The deadline for paying federal income tax has not been extended beyond July 15. There is no longer a dollar limit for these extensions. In addition, penalties for failure to file and

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failure to pay are generally not being applied during this extended due date period. Caution, however, needs to be exercised by tax return preparers, as not all states have followed the IRS’s extension. Minnesota, for example, has not exercised the same leniency as the IRS. Planning observation: There are many more state tax issues stemming from the pandemic, beyond income tax filing deadlines. For example, many states are providing some form of nexus relief guidance for employees working from home in another state due to shelter-in-place restrictions. In Wisconsin, a variety of relief is available, from suspending certain collection activity to lowering interest rates on unpaid balances. Most of this relief has expedited sunset-date provisions.

Qualified plan distribution relief

The CARES Act created relief from adverse financial consequences as a result of being quarantined, furloughed, laid off or having otherwise lost income by temporarily waiving the 10% early withdrawal penalty. Not only is the penalty waived, but eligible individuals taking such distributions (up to $100,000) can include them in gross income over a three-year span and will have three years to repay the amount. To qualify, the distribution must be made between March 27 and Dec. 31, 2020, and must be made 1) to an individual, spouse or dependent who is diagnosed with the coronavirus or 2) by someone who experiences adverse financial consequences as a result of the coronavirus. We expect more guidance from the Treasury Department on what qualifies as an adverse financial consequence. Furthermore, for only the 2020 calendar year, required minimum distribution (RMD) requirements are suspended. For RMDs that were already made, guidance is available on returning the distribution to the plan. Planning observation: Generally, individuals have 60 days to return distribution payments. However, this deadline may be extended under certain circumstances, including, for example, if the custodian failed to timely deposit the amount into the owner’s account. In addition, for retirement accounts inherited in 2020, the RMD computations may change because

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There are many more state tax issues stemming from the pandemic, beyond income tax filing deadlines. new beneficiaries may require a more detailed analysis, as the earliest they may be subjected to RMDs is 2021. Finally, other related rules may come into play beyond the waiver — for example, the rule requiring complete distribution of qualified plans within a five-year period may be extended to six years if 2020 is part of the fiveyear distribution pattern.

Charitable deductions

For tax years beginning after 2019, in computing adjusted gross income (AGI) an eligible individual may claim an above-the-line deduction of up to $300 for cash contributions to a qualified charity. In addition, the 60% of AGI limitation for an individual’s charitable contributions is suspended for 2020, but only for cash contributions made between Dec. 31, 2019, and Jan. 1, 2021.

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BUSINESSES Employment taxes

In an unprecedented move, Congress provided employers a credit by reducing required FICA tax deposits that have been withheld from employees’ wages by a credit equal to 50% of qualified wages paid to employees not working due to the employer’s business interruption. Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns beginning with the second quarter of 2020. The credit is available on a quarterly basis through Dec. 31, 2020 (beginning after March 12, 2020), but it is limited to $10,000 in aggregate per employee for all quarters. Furthermore, payroll taxes — including selfemployment taxes — that would be due from March 27 through Dec. 31, 2020, are deferred. This means the employer’s 6.2% Social Security portion of payroll taxes and 50% of the equivalent tax for self-employed individuals are deferred. Half of the deferral is due on Dec. 31, 2021, and the other half is due on Dec. 31, 2022. However, there is a catch. The employer’s share of Social Security tax may not be deferred after the employer receives a decision from a lender that their Paycheck Protection Program (PPP) loan was forgiven.

Net operating losses (NOLs)

First, the ink was hardly dry on the Tax Cuts and Jobs Act (TCJA) — and its changes to the NOL rules of Code Section 172 — when the CARES Act changed the game again. Now NOLs from tax years beginning in 2018, 2019 and 2020 have a five-year carryback period and an unlimited carryforward period. The provision limiting an NOL deduction to 80% of taxable income no longer applies to NOLs arising in these years. A technical correction concerning taxpayers with a 2017 or 2018 fiscal year clarifies that the elimination of the former two-year carryback period applies to tax years beginning after 2017 and not to tax years ending after 2017. Second, procedurally the five-year carryback period may now be waived by making an election. For NOLs arising in tax years beginning in 2018 or 2019, the waiver election is extended to the due date (including extensions) for filing the taxpayer’s return for the first tax year ending after March 27, when the CARES Act went into effect. Normally, the election is required by the extended due date for the tax year in which the NOL arose. The procedural rule was key because the statutes require the filing of a tentative refund to be completed within 12 months after the close of the NOL year. Thus, a taxpayer already beyond the deadline will need to file an amended return in order to claim a refund. Finally, for NOLs arising in tax years beginning after Dec. 31, 2020, the old rules are reinstated — meaning these NOLs may not be carried back and are again deductible up to 80% of taxable income. The CARES Act actually creates a technical correction to accomplish what was originally intended by the TCJA by reducing taxable income in the carryforward year by unused NOLs arising in tax years beginning before Jan. 1, 2018. Planning observation: To simplify these rules, priority should be given to business taxpayers who incurred a loss for 2018 or 2019 but paid taxes in earlier years. Likewise, clients who may be able to raise cash because of immediate losses, COVID-related or not, should file refund claims now and not wait to offset the loss on some future profits.

Business interest deduction limitation

The business interest deduction limit is generally increased from 30% to 50% of the taxpayer’s adjusted taxable income for the 2019 and 2020 tax years — except

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for partnerships, which may apply the new limit only to the 2020 tax year. Any other business entity interest expense not allowed as a deduction for the current tax year may be carried forward and treated as a business interest expense paid or accrued in the following tax year. There also is an exception for small businesses with average annual gross receipts for the three prior tax years not exceeding a threshold amount (in this case, $26 million) in 2019 and 2020. Some types of businesses, such as an electing farming business, are also exempted. In addition, the taxpayer now has a choice (not a formal election) for 2020 to use the 2019 adjusted taxable income in computing the limitation. The reason for this choice is to counteract the probability that incomes will be lower in 2020 because of the changing economic environment. The taxpayer simply needs to file the return using either the 30% limitation or the taxpayer’s 2019 adjusted taxable income. For partnerships and LLCs taxed as partnerships, care should be taken to make sure the entity makes this election if it chooses not to have the 50% limit apply for the 2020 tax year.

Conclusion

In conclusion, the CARES Act is a response that is much different from the way our country reacted to either the 1918 influenza pandemic or the Great 22 The Bottom Line | 2 0 2 0 E d i t i o n

“

The changes to tax laws made by the CARES Act are designed to help individuals and businesses survive the economic consequences of the pandemic. Recession of 2008. Likewise, today’s tax policy is much different than that surrounding the fledgling income tax code of 1918. The changes to tax laws made by the CARES Act are designed to help individuals and businesses survive the economic consequences of the pandemic. This allows CPAs to use their analytical and communication skills to help clients weather this storm. Robert A. Mathers, JD, CPA, ABV, PFS, is a shareholder and chair of the tax section at von Briesen & Roper s.c. He also leads the firm’s business practice group. Contact him at 414-287-1239 or Rmathers@vonbriesen.com.

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Terri S. Boxer, J.D.

Robert E. Dallman, J.D., LL.M.

Alexandra J.C. Gregorski, J.D., MBA

Thomas P. Guszkowski, J.D., LL.M.

Megan K. Heinzelman, J.D., LL.M.

Jeffrey L. Hesson, J.D., CPA

Courtney A. Hollander, J.D.

Megan L.W. Jerabek, J.D.

Thomas J. Kammerait, J.D., CPA

Benjamin D. LaFrombois, J.D.

Marcus S. Loden, J.D., LL.M.

Thomas A. Myers, J.D.

Randy S. Nelson, J.D., CPA

Timothy A. Nettesheim, J.D., LL.M.

Thomas J. Phillips, J.D., LL.M.

David J. Roettgers, J.D., CPA

John A. Sikora, J.D.

Lawrence C. Silton, J.D., CPA

Adam N. Skarie, J.D.

Steven M. Szymanski, J.D., MBA

Robert B. Teuber, J.D.

Peter J. Walsh, J.D., LL.M.

Daniel S. Welytok, J.D., LL.M.

Peter J. White, J.D., CPA

Tax Lawyers for Taxing Times. von Briesenâ&#x20AC;&#x2122;s team of experienced tax lawyers, many of whom have advanced designations, help businesses and individuals navigate the increasingly complex tax laws. The bottom line? We get results. To learn more about our Tax Law Section and the services we offer, please contact Robert Mathers, Tax Section Chair, at rmathers@vonbriesen.com.

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Robert A. Mathers, J.D., CPA, Section Chair

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Technology l Operational efficiency

RPA can boost accuracy and productivity in challenging climate for CPAs

OVID-19 has magnified the pressures on CPAs. Entire teams were telecommuting from home. A record of 300,000 new unemployment claims were filed per week â&#x20AC;&#x201D; leaving skeleton workforces behind. Businesses By Kirstie Tiernan, aimed to maximize the speed CFE, OCA of incoming payments while minimizing costs and liabilities. To keep the lights on, CPAs were asked to work differently: harder, longer and often virtually. The silver lining of any crisis is that there is no better opportunity to drive change. No finance and accounting department can afford to operate the same way it did prior to the novel coronavirus outbreak. Not only must they do more with less, they must do it faster and smarter. This need for both cost and operational efficiency is where robotic process automation (RPA) comes in.

Why CPAs need RPA amid COVID-19

RPA is the use of software that automates manual tasks. These â&#x20AC;&#x153;botsâ&#x20AC;? allow organizations to automate simple or repetitive processes to reduce the time spent on costly manual tasks and increase efforts to deliver mission-critical work. 24 The Bottom Line | 2 0 2 0 E d i t i o n

Where there are manual tasks, paper and complex workflow steps, there is rich opportunity to inject RPA to enhance accuracy, shorten processes from days to minutes and improve business performance. This efficiency can ultimately save businesses critical dollars where it counts, allowing companies to meet demand, manage with reduced headcount or maximize speed and accuracy. RPA bots can work independently or alongside humans. Attended bots work collaboratively with humans to increase efficiency by automating the menial aspects of their work. Unattended bots can operate without supervision, automating back-office activities involving data collection, processing and analysis.

What advantages does RPA bring to a COVID-19 environment?

RPA has numerous use cases for finance and accounting, from accounts receivable tracking to ensuring on-time payment to invoice processing and wicpa.org

vendor verification. RPA can help accounting in the following ways: Speed: RPA can slash the time spent on tedious manual tasks by orders of magnitude. Productivity: When companies reduce headcount, maintaining productivity with fewer resources is a must. By automating CPAs’ rote activities, professionals can focus on work that requires critical thinking and problem solving — often improving job satisfaction. Going virtual: When limiting in-person work is necessary, RPA can be used to expedite a work-fromhome setup, ensuring staff have access to appropriate software and are set with the right equipment. Business continuity: Automation can protect CPAs’ physical health by limiting exposure. During Safer at Home, some essential businesses used bots to evaluate each employee’s current health and COVID-19 risk. This use of RPA can help as Wisconsin looks forward and strives to stem widespread infection in the workplace. wicpa.org

Accuracy: RPA allows you to eliminate the human margin of error, which, in the case of repetitive tasks, is set between 5% and 10%. Improved accuracy is essential as businesses navigate a challenging economic climate. Cost savings: For employers, the ROI of RPA projects is realized almost instantaneously, offsetting the upfront investment. A smaller implementation with 10 bots or fewer can be relatively quick and inexpensive. RPA can increase the quantity and quality of work while allowing CPAs to shift to higher-value tasks — all contributing to the economics of automation.

Applications of RPA for accounting

The potential cases for accountants to use RPA are endless. They include the following: Reduce tax liability through job tax credits: With the future economic implications of the pandemic uncertain, one way to reduce outflows is to ensure qualification for tax credits, such as Federal Work Opportunity Tax Credits, Wisconsin’s Economic Development Incentive Programs The Bottom Line | 2 0 2 0 E d i t i o n

or the Employee Retention Credit enacted through the CARES Act. With rapid changes in the workforce, a bot can comb through payroll and human resources data to create an accurate summary of job tax-credit opportunities available, reducing the manual effort needed to analyze qualifications. Improve days sales outstanding (DSO): Wisconsin hospitals placed elective surgeries on hold while emergency departments demanded more resources; consequently, health systems were concerned about more money flowing out and less coming in during COVID-19. Managing claim adjustments during peak volumes can create a backlog. Redesigning the accounting processes to begin with RPA can shorten DSO by as much as three days. Keep revenue cycle management (RCM) in motion with a reduced workforce: With Wisconsin’s nonessential businesses closed for two months, many businesses needed to furlough workers to stretch their cash. Without full headcount in place, core accounting functions such as RCM slowed significantly. Yet timely RCM is essential to ensure cash flow. By pairing CPAs with attended bots, staff can quickly update reports to track incoming payments.

“

Finance and accounting departments are making dramatic changes to navigate this new normal and creatively looking for ways to enhance efficiency.

Speed tax accounting reporting: Bots have the potential to automate manual tasks required of CPAs, freeing up their valuable time to work on high-value activities, such as advising on eligibility for federal stimulus. With the use of a bot, CPAs can automate time-intensive processing of quarterly tax accounting reports, providing a backup to calculations on financial statements needed for auditors on a timely basis.

Productivity: Are your people spending a lot of time on repetitive tasks?

How to know if RPA can help your team

Facilitate remote work: Are CPAs unable to work from home effectively?

Finance and accounting departments are making dramatic changes to navigate this new normal and creatively looking for ways to enhance efficiency. As these departments build resilience in the face of hardship, leadership may consider the following questions:

Cost savings: Is your team expending valuable time on manual tasks? Speed: Do processes to get paid, analyze financials or prepare taxes take too long?

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Accuracy: Is human error slowing down processes and reducing quality? As CPAs’ roles evolve due to COVID-19 RPA can address the questions above — removing the tedious parts of CPAs’ roles to increase job satisfaction, while keeping accounting departments lean, fast and accurate. Kirstie Tiernan, CFE, OCA, is a principal with BDO Digital in Chicago. Contact her at 312-616-4638 or ktiernan@bdo.com.

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2020 WICPA CONFERENCES IMPLEMENT

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Business & Industry Fall Conference Wednesday, Sept. 23

Not-for-Profit Accounting Conference Monday, Sept. 28

Tax Conference Thursday, Nov. 12 - Friday, Nov. 13

Accounting & Auditing Conference Wednesday, Nov. 18

Technology Conference Thursday, Dec. 10 - Friday, Dec. 11

All remaining 2020 conferences will be available via WICPA CPE Livestream! For the safety of attendees, presenters, staff and vendors during the uncertainty of the COVID-19 pandemic, weâ&#x20AC;&#x2122;ll be holding all remaining 2020 conferences via WICPA CPE Livestream so you can still get the updates, insights and timely issues you need!

WICPA members save on registration! Use your WICPA membership to save on conferences! Registration opens approximately eight weeks The Bottom Line | 2 0 2 0 E d i t i o n 27 w i c p a . oto r g a conference. View conferences currently open for registration at prior wicpa.org/conferences.

Risk Management l The new normal

Risk management for remote workers in the new COVID-19 environment

B By Arlene Petersen, CPCU

y the time you read this, many businesses will be open again. Thatâ&#x20AC;&#x2122;s good for the economy, but precautions may need to be taken for quite some time. The workplace may look very different now and in the future; and while no one has a crystal ball, some of the points in this article may be relevant and helpful.

While some organizations have found it a hardship to have staff working from home, others have found that it is actually working rather well. This means that some employees who have been working remotely may be asked to continue to do so even after the COVID-19 restrictions are completely lifted. This will have an effect not only on the employee and his/her family but potentially on the real estate business as well due to a possible reduction in leased office space needs. If employers decide to institute working remotely, whether short term due to COVID-19 or as a permanent policy, there are several things that should be considered.

Legalities

Beware of discrimination or disability-related issues. If you have employees who are working from home due to a disability, and they require accommodations based on the Americans with Disabilities Act, you

28 The Bottom Line | 2 0 2 0 E d i t i o n

â&#x20AC;&#x153;

The workplace may look very different now and in the future; and while no one has a crystal ball, some of the points in this article may be relevant and helpful. need to be sure they are offered the same opportunities for advancement as your in-office workers. Otherwise, you could be faced with disability or discrimination lawsuits. Just because an employee is working off-site does not mean you are not responsible for the safety of their work environment. Is it suitable for getting their job done? Are there hazards that create risks? You may want to have someone from your organization inspect the work environment for safety and appropriateness. If an employee is hurt on the job, even in their home,

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you could be held responsible for the injury and/or a workersâ&#x20AC;&#x2122; compensation insurance claim. Another law that should be considered is the Family and Medical Leave Act (FMLA). This is not as important for salaried employees, as they get paid the same salary no matter how many hours they may work during the week. However, that is not the case with hourly employees. Even if you instruct your hourly employees not to exceed their normal number of weekly hours, it is difficult to monitor this while they

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are not in the office. Having them complete time sheets helps to document hours worked and wages paid. You should have a set schedule for remote workers to check in and discuss the dayâ&#x20AC;&#x2122;s hours and activities with their supervisor. You may also want to set the hours the employees should be checking emails and performing other work-related activities. Note the FMLA requirements vary by state, and it is prudent to consult a knowledgeable employment practices attorney for assistance with best practices in this area.

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Procedures

While data security is an ongoing concern, it becomes even more important as people are working away from the controlled office environment. You will want to consider providing them with companyowned equipment to use and to restrict downloading of any unauthorized software to that equipment. If access is provided to the company server or to company email, login should be available only through a secure virtual private network (VPN). Passwords should be changed frequently, at least every 90 days. If problems arise with company-owned equipment, how and by whom will technical support be provided? This should be clearly spelled out. If outside tech support is provided, email and phone contact information for that organization needs to be provided. If there is a cost for this, the employee should obtain prior approval from their supervisor. Do you use paper files? Many organizations still do. What protocols are in place for paper? If you permit files to be taken off-site, a formal check-in, check-out procedure should be in place so that others who may need to access the files will know where they are. If printing is done at a remote location, the documents must be placed in their appropriate files. If, for some reason, documents need to be destroyed, what is the procedure for doing so? If paper files are checked out, what is the procedure for their return? Will this involve pick-up and delivery by another employee, or will the remote employee be required to return the files to the office in person? These procedures should be spelled out so there is no confusion.

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Policies

If you have not done so recently, now would be a good time to go over the companyâ&#x20AC;&#x2122;s internet security policy with your employees and provide retraining as necessary. Scams are becoming more prevalent now that people are working from home with less monitoring. Make sure your system is set up so that documents, if downloaded, cannot be opened accidently. Links should not be clicked on if at all questionable. All requested financial transactions should be verified with a separate phone call to the individual who purportedly requested the transaction. You will also want to have a written policy that is communicated to your employees in the event of a weather-related office closure or closure for some other reason. If the office is closed and a remote hourly employee works, they will most likely be owed wages. And speaking of communication, it should be clear how the remote employee is to respond to fellow

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employees and customers. Should they use phone or email? Is texting permitted? Phone calls and texts may not provide adequate file documentation without a follow-up email. If they use their personal cell phone, will the employee be reimbursed? Laws vary on how that reimbursement may take place. What do you do if other employees also want to work from home or do so without your authorization? This can be tricky, as you donâ&#x20AC;&#x2122;t want to place the company in a situation where a discrimination accusation could arise. You should have a written policy stating that prior authorization from their supervisor is required in order to work from home. Some of these concerns may be obvious, while others may not. Now is a good time for even those concerns that are obvious to be reviewed as the status of remote workers evolves.

Announcing

Glen Weyenberg, CPA as the New President of

Arlene Petersen, CPCU, is owner and president of T.E. Brennan Company and the author of Are You Protected? Risk Management For Your Business. Contact her at 262-754-1160 or petersen@tebrennan.com.

Measurable Results. | SVAaccountants.com â&#x201E;˘

Interested? Contact Marcia Tillett-Zinzow, editor, at mtzinzow@icloud.com. wicpa.org

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Employee Engagement l Giving back

32 The Bottom Line | 2 0 2 0 E d i t i o n

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or many, giving back becomes a priority during times of crisis or challenge. Individuals and businesses have answered the call to give during the COVID-19 pandemic, as has been the case time and time again during By Jennifer Zisser challenging situations. The question becomes, how do we empower individuals and businesses to give back throughout the year in addition to those extraordinary times of need? The answer: Create a culture of giving in the workplace. One such example is TASC, a privately held, thirdparty benefits administrator based in Madison. TASC has a robust culture of giving, but the company started on a much smaller scale and built it up over time. They created a â&#x20AC;&#x153;Shared Responsibilityâ&#x20AC;? model. The model embraces the idea that the employer and employee working together can have a meaningful impact on their community while simultaneously improving internal relationships and strengthening the organization. This model provides the company the opportunity to work together with employees to inspire the entire organization to become everyday philanthropists. The leadership at TASC discovered that when they created an environment and opportunity for community engagement, employees felt empowered to give back and took on a more impactful role in their communities. The business also benefits from increased employee engagement, retention, creativity and productivity. Other wins in this equation include the charities that are doing important work in our communities and receive the necessary resources to benefit our neighbors in need. One recommendation for building your giving culture is to provide paid volunteer time off (VTO). TASC started with eight hours per employee and built this up to 40 hours annually. This promotes an

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â&#x20AC;&#x153;

How do we empower individuals and businesses to give back throughout the year in addition to those extraordinary times of need?

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Co-workers can help each other by contributing to this fund. • Crisis PTO account: Allows employees to donate from their own PTO balance to a PTO bank that can be made available to employees in need who do not have enough PTO for an event or crisis. • Giving savings account: Provides employees an opportunity to put money into a savings account earmarked for giving to a charitable cause. The funds are also available if the employee needs to access and redirect the money. • Individual giving account: Offers employees a simple way, through payroll deduction, to give to any of thousands of 501(c)3 organizations.

opportunity for employees to engage with a wide variety of diverse charities. In recent months, due to the pandemic, TASC has adapted the program to allow for volunteering that may not have previously qualified but now responds to community needs — such as getting groceries for a neighbor.

There are costs to these programs, but there are substantial advantages to giving programs when recruiting top talent and bringing employees together for a common goal. Furthermore, when employees are able to give back, their happiness increases. Employees are more engaged, which results in increased productivity that provides more economic value to the employer. The leaders at TASC believe employers should put these programs in place to the extent it makes sense for their business. TASC also believes that if there was an additional incentive in place that would drive more participation in volunteerism and giving, it would ultimately drive more positive change in the world.

This has also helped the company to see new areas of creativity and innovation in how their employees choose to give back. If it is an employee’s passion, the company should support it; it will ultimately help to increase the company’s presence in their local community and become an example of encouragement for other organizations to become everyday philanthropists and create their own robust cultures of giving. Other programs that TASC has in place yearround are beneficial during a time of crisis. They include the following: • Employee Crisis Fund (taxed or tax-free): Designed to support employees struggling with personal hardship or qualified disasters.

34 The Bottom Line | 2 0 2 0 E d i t i o n

wicpa.org

Employees want to give back, and employers should have the tools and resources to help them do so and to make it easy to achieve. Creating an everyday culture of giving in the workplace is one way for employers to encourage giving that has the power to make everyone an everyday philanthropist. Building a philanthropic culture is beneficial to the business and also to the community. Employees become more motivated and incentivized to act and to give back. Whether it is internally, locally, nationally or in times of a global crisis, when there are programs already in place within your organization, the incentive is there and the tools are provided. Setting up give-back programs that are available yearround encourages employees to participate in both good times and bad. A culture of giving benefits the employer, the employee and the community. Consider the ways that developing a giving culture can benefit your organization, employees and community to make a lasting positive impact for everyone.

â&#x20AC;&#x153;

Consider the ways that developing a giving culture can benefit your organization, employees and community to make a lasting positive impact for everyone. Jennifer Zisser is the director at The Greater Give, a sister organization of TASC. She has more than 15 years of experience in strategic philanthropy at TASC. Contact her at 608-358-3637 or Jennifer.zisser@thegreatergive.org.

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Mergers & Acquisitions l Accounting challenges

Don’t Be “Floored” by Purchase Accounting Struggles By James P. Swanick, CPA, and Michael J. Tighe, CPA

o two merger and acquisition (M&A) deals are alike. Each is unique, opening the door to new challenges and uncharted territory for those tasked with determining the tax treatment of the transaction. One challenge that often gives practitioners headaches is how to handle assumed liabilities in an asset acquisition. When a buyer purchases the assets of a target company in a taxable transaction (or purchases the stock of a target company with an IRC Section 338(h)(10) election), the purchase consideration will typically include assumed liabilities, such as accrued expenses and certain reserves. For financial reporting purposes under ASC 805, assumed liabilities are generally included in the total purchase consideration if the liability existed prior to the transaction and will lead to an increased value in book goodwill on the opening balance sheet. However, for income tax purposes, certain liabilities may not be includible as purchase considerations, and therefore are not included in the tax basis of the acquired assets until economic performance occurs under the “all-events test” of Section 461(h). When this test is met, no tax deduction is claimed; instead, the basis of the acquired assets is increased – often increasing tax goodwill under the residual method.

Example

On June 30, 2017, ABC Corp. acquired the assets of Target Corp. in an applicable asset acquisition, as defined in Section 1060, in exchange for $8 million in cash and the assumption of liabilities of $2 million. The $2 million liability relates solely to a warranty reserve recorded by Target on its past sales, which remain covered under the assumed warranty policy. The reserve did not meet the “all-events test” of Section 461(h), as it was neither fixed nor determinable and economic performance had not yet occurred. As a result, no tax basis was assigned to the reserve on the opening balance sheet. The warranty reserve on ABC’s year-end balance sheet (which consisted of liabilities acquired from Target Corp. as well as new liabilities recorded post-acquisition) is reflected in the chart below: As of Dec. 31, 2019, the full amount of the original warranty reserve ($2 million) related to Target Corp.’s liability has been paid out in full.

In many cases, this triggering event occurs in a subsequent tax period, well after the transaction has closed. To avoid taking both a deduction and a basis increase when the liability is ultimately satisfied, taxpayers often establish a “floor” against the assumed liability. 36 The Bottom Line | 2 0 2 0 E d i t i o n

wicpa.org

Analysis

For book purposes, a total of $10 million ($8 million cash plus $2 million assumed liability) was allocated to the newly acquired assets with any residual consideration being allocated to book goodwill. In addition, the warranty reserve was recorded as a liability on the opening balance sheet. For tax purposes, only $8 million was allocated to the newly acquired assets since there was zero tax basis in the warranty reserve, initially resulting in a lower amount of tax-deductible goodwill compared to book goodwill. In addition, a $2 million “floor” against the reserve is tracked off-balance-sheet to ensure that no tax deduction is recognized for this amount. At the end of 2017, the $750,000 increase in the reserve ($2 million to $2.75 million) would be disallowed as a deduction for tax purposes and there would be no change to the floor. This assumes the increase relates to new reserves recorded as a debit to warranty expense of $750,000 and a credit to warranty reserve of $750,000. As of the end of 2018, the net balance decreased by $350,000 ($2.75 million to $2.4 million), which included an increase of $150,000 in new liabilities and a $500,000 payment against the target’s floor amount. As a result, $150,000 is disallowed as a current deduction and the floor is reduced to $1.5 million due to $500,000 of payments against Target’s reserve balance. So, what happens to the $500,000 in payments against Target’s reserve? The $500,000 would not be deductible, but rather would increase the tax basis in goodwill and would be amortized over the remaining life of the original goodwill – in this case 13.5 years. Let’s take it a step further and look at what would occur in 2019 based on the facts above. The ending reserve balance decreased by $1.4 million in 2019 ($2.4 million to $1 million); however, based on additional information obtained from the accounting department, it was determined that the remaining assumed warranty reserve of $1.5 million was paid out in full as of Dec. 31, 2019. Therefore, the remaining assumed warranty balance of $1.5 million was reduced to zero, and a new reserve amount (unrelated to Target Corp.) was recorded in the amount of $100,000. As a result, there would be a disallowance of the $100,000 as an unfavorable book-to-tax adjustment in 2019 for not meeting the requirements of Section 461(h) for deductibility in 2019. In addition, the floor is completely gone at the end of wicpa.org

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A taxpayer should not assume that the tax treatment of a liability will follow books. 2019 since it was actually paid out, and the payout would be treated similarly to the prior year – an increase in the tax basis of the original goodwill. The $1.5 million increase to goodwill would then be amortized over the remaining life of the original goodwill or 12.5 years. Setting up and the subsequent tracking of floors can be tedious and burdensome to most taxpayers. Therefore, keeping accurate records on day one following a completed transaction is vital to handling it properly. In the previous example, ABC was able to directly trace payments against old and new liabilities. If tracking payments is not practical, a reasonable approach could be made, such as assuming payments will be applied against the assumed liability first. A taxpayer should not assume that the tax treatment of a liability will follow books. Without a proper process for tracking floors there is a potential for inadvertently taking a “double-deduction” or taking deductions in the wrong tax periods, which could lead to amending tax returns as well as FASB Interpretation No. 48 (FIN 48) reserves, penalties, and interest. Having a clear understanding of what is being recorded in purchase accounting and determining its tax sensitivity will not only make the tax accountant’s job easier, but also will safeguard the company from potential problems down the road.

James P. Swanick, CPA, is managing director in Global Tax Management Inc.’s Wayne, Pennsylvania, office. Contact him at jswanick@gtmtax.com. Michael J. Tighe, CPA, is associate director with Global Tax Management Inc. Contact him at mtighe@gtmtax.com. Reprinted from the Pennsylvania CPA Journal and used with permission of the Pennsylvania Institute of CPAs

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Keep current on legislative and financial regulations, technical topics and industry trends with our award-winning publications and e-news.

RENEW STATEWIDE 500+ MEMBER 93% 7,000+ VOLUNTEERS MEMBERSHIP MEMBERS COMPANIES, FIRMS 2,500+ WISCONSIN AND ORGANIZATIONS REPRESENTED

WICPA CPE Registration Form W233N2080 Ridgeview Parkway | Suite 201 | Waukesha, WI 53188 | P: 262-785-0445 | F: 262-785-0838

COURSE SIGN-UP:

CONTACT INFORMATION: Name ______________________________________________________________ WICPA ID #________________

Course Name:_____________________________ Course Date: ______________________________ Registration Fee $ ______________ __ ___

Course Name:_____________________________ Course Date: ______________________________ Registration Fee $ ______________ __

Email Address (required) _________________________________________________________________________ Alternate Email Address ________________________________________________________________________ Home Phone (________) _______________________Mobile Phone (________) __________________________ Street Address _____________________________________________________ PO Box ____________________ City __________________________________________State _________________Zip________________________

Course Name:_____________________________ Course Date: ______________________________ Registration Fee $ ______________ __ ___

Course Name:_____________________________ Course Date: ______________________________ Registration Fee $ ______________ __

PROFESSIONAL INFORMATION: Organization ___________________________________________________________________________________ Street Address _____________________________________________________ PO Box ____________________ City __________________________________________State _________________Zip________________________ Office Phone (________) _____________________________________________ Ext. _______________________ Position Title __________________________________________________________________________________

ARE YOU: o An AICPA member o A WICPA member o Contact me about becoming a WICPA member and saving up to $150 per course

PAYMENT METHOD: o Check (payable to WICPA) o American Express _____ o Discover _______o MasterCard_______o Visa Card Type: o Business _ o Personal Card # _______________________________________Expiration Date _________________CVV _____________ Signature ____________________________________________________________________ Date ____________ Course Materials: Electronic materials are included with registration and can be accessed approximately seven days prior to the program at wicpa.org/MyWICPA.

Printed materials are not available for programs at this time.

Cancellation Policy: For a full refund, the WICPA CPE Department must receive a notification of cancellation or a request to transfer to a different program at least 14 days before the program presentation date. Cancellations or program transfer requests received between 7-13 days prior to the presentation date will be subject to a cancellation fee of 50% per person, per program. No refund or program transfer request will be granted for cancellations less than seven days of the program presentation. Substitute registrants are allowed. No refund or program transfer request will be granted if you have downloaded any electronic materials that have been provided for the program from which you are canceling.

___

__________________________________________ __

TOTAL AMOUNT $ ______________

wicpa.org/CPEcatalog

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___

Online CPE l Webinars, Self-Study & On-Demand

ONLINE CPE

WEBINARS, SELF-STUDY & ON-DEMAND Convenience matters. Time matters. You matter. That’s why we offer thousands of webinars and self-study options specifically for CPAs and business professionals who have limited time. CPE online is a great alternative to the traditional CPE seminar because, just like seminars, CPE webinars are scheduled events. But unlike seminars, webinars are 40

delivered via the convenience of your computer.

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To learn more about the great online CPE options available to you, visit wicpa.org/CPEcatalog.

Accounting Continuing Professional Education Network (ACPEN)

These Signature CPE training courses cover the most relevant accounting, tax and finance topics in an interactive and discussion-rich format.

The Accounting Continuing Professional Education Network (ACPEN) is the largest and most comprehensive CPE network in the nation. Sponsored by many of the state CPA societies and NASBA accredited, ACPEN brings world-class CPE to your desktop in the most engaging and interactive way possible.

The ACPEN Industry Institute™ (Aii)

ACPEN offers a vast catalog of live video webcasts and live webcast replays ranging in length and offering from 1 to 8 CPE credits. All webcasts are available for individual as well as group viewing. The extensive ACPEN catalog comprises courses from the following product lines: ACPEN Signature Series The ACPEN Signature Series represents the top-of-the-line online CPE. All ACPEN Signature courses are 8 hours in length and include nationally recognized experts and highly experienced practitioners, as well as representatives from regulatory and standard-setting bodies including the IRS, GASB, FASB, GAO and many more.

The ACPEN Industry Institute provides a full curriculum of CPE courses specifically designed for accountants working in business and industry, delivered in a live, interactive video webcast format. Topics include but are not limited to technology training, management, finance, leadership, ethics and banking. The ACPEN Tax Institute (Ati) Ati offers the most up-to-date continuing education for CPAs and finance and tax professionals. These tax CPE courses focus on updates and changes in tax code and practice and are offered on various dates and times, all providing CPE credits. ACPEN Financial Planning Institute (Afpi) Newest to the line of ACPEN specialized programs, this unique course category is geared toward providing the most current and relevant information in the area of personal finance. Topics include

estate planning, Medicare and wealth preservation, to name a few. These course offerings are designed to assist firms and businesses, as well as individuals, in effectively managing their personal finances. Partner-Produced Programs We’ve found that programs and conferences produced by one state are often relevant and applicable to financial professionals and CPAs in other states. The ACPEN network offers a unique opportunity for our state CPA society partners to share their content with practitioners across the country. This is just another example of ACPEN’s unparalleled effort to provide a vast range of topics to meet the continuing professional development needs of every CPA.

AICPA Real Time. Anytime. Your Time. Time: When it’s yours to spend, you want to use it wisely. So the minute you’re ready to complete your required CPE, you can count on us and the AICPA to provide the most relevant expert knowledge — how you need it, when you need it, wherever you are.

wicpa.org/CPEcatalog

Online With more than 500 courses, AICPA Online CPE is an interactive learning environment for today’s busy professional. From updates on authoritative standards to awardwinning certificate programs, AICPA Online CPE will meet your knowledge and CPE needs with the flexibility of learning on your own time.

In addition to live programs, anyone who registers for a live webcast will be able to access the recorded webcast for up to one year.

CPA Crossings

CalCPA

K2 Enterprises

CalCPA Education Foundation (CalCPA) offers a full array of continuing education programs. With CalCPA webcasts, you can enjoy the flexibility of participating in CPE wherever you are. Enjoy high-quality video feeds and the ability to communicate directly with the instructor through a question box. Materials are offered in a PDF format, and all programs have savable, printable and fully annotatable textbooks.

K2 Enterprises is proud to offer a broad curriculum of technology-focused CPE webinars to the members of the Wisconsin Institute of CPAs. Now you can have webinar access to many of the courses that have made K2 Enterprises a leader in providing CPE to professionals throughout North America.

Webcasts

CalCPA’s courses cover everything from accounting, auditing and tax to management, ethics, litigation, retirement, and trusts and estates. We are changing and adding new programs every year, and with more than 1,300 webcasts to choose from, there’s a course for every interest area and curriculum need. Our instructors are experts in their fields, and most are also practitioners — so they’re not only content experts, but they’re also experts in application. These individuals understand the accounting profession and offer dynamic, informative programs.

When you take a K2 Enterprises webinar, you will have the opportunity to learn from an award-winning team of instructors with literally hundreds of years of experience in helping professionals identify, address and solve issues through the practical application of technology. K2 Enterprises offers webinars on a variety of topics, including Excel, QuickBooks, PDFs, accounting solutions and Microsoft Office. As an NASBA-approved sponsor of webinar learning, you are assured of a high-quality event that is both convenient and affordable. We look forward to helping you meet your learning objectives. Improve your efficiency and productivity by participating in a webinar produced by K2 Enterprises!

The trusted leader in tax and accounting education Surgent has been one of the nation’s leading providers of high-quality CPE for CPAs for more than 30 years. Providing over 1,500 webinars each year and offering over 300 unique selfstudy products, Surgent has all the CPE you need, whenever you need it. With Surgent live webinars, you will get the practical, up-to-date information you need and meet your CPE needs from the comfort of your office or home. Each webinar features knowledgeable and engaging experts from Surgent speaking on the hottest topics in accounting, auditing, government, nonprofit, technology and tax and answering your critical questions. Webinars are offered daily, including evening and weekend options for the ultimate in convenience. Surgent self-study CPE enables you to earn CPE credits at your own pace and at a time that you choose. Whether you prefer downloadable PDF or ondemand webcast format, you’ll get the same high-quality Surgent content, plus 24/7 access, instant exam grading and certificates by email, making Surgent self-study CPE the perfect option for CPAs with less predictable schedules. In addition to individual self-study courses and live webinars, Surgent offers a number of CPE packages that provide added convenience and value: Surgent’s Unlimited Plus Package (SP-0001) Surgent’s Unlimited Plus Package is the best value CPE package on the market. The package includes complete 12-month access for a single user to all of Surgent’s self-study courses plus access to every Surgent live webinar, including all the new

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AICPA Webcasts offer a high-resolution, studio-quality experience and real-time interaction with experts, regulators, agency representatives and more. You’ll gain practical guidance and insights — and your organization or clients will benefit from the expertise they deserve and expect. Now that’s making the most of your time.

CPA Crossings, LLC provides an extensive catalog of live web-based CPE programs produced and delivered by over 20 nationally recognized speakers. Our catalog consists of more than 2,000 webinar events per year, covering more than 200 topics in the areas of technology, practice management, workflow automation, accounting & auditing, tax, ethics and fraud. Our courses range from 1 to 8 hours with flexible scheduling, including evenings and Saturdays, so you can easily fit continuing education into your workweek.

Surgent Professional Education

Online CPE l Webinars, Self-Study & On-Demand

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tax reform courses as well as other premium courses. With more than 1,200 live webinars on the calendar this year alone, plus more than 250 self-study CPE courses available in the package, you’ll always be able to find a live or self-study course in the topic and format you need. Earn as much CPE as you need, and explore as many topics as you’d like for one full year from the date of purchase. Surgent webinars and self-study courses are constantly updated, so no matter what format you pick, you’ll get the latest information you need for your professional practice. As a WICPA member, you pay just $595 – that’s 25% off Surgent’s retail price! Surgent’s Unlimited Self-Study Package (SP-0002) Surgent’s Unlimited Self-Study Package includes 12-month access for a single user to every PDF download course in Surgent’s catalog. Earn as much CPE as you need and explore more than 200 courses (each ranging from 2 to 16 credits) whenever it’s convenient for you, with access for one full year from the date of purchase. Tests are taken online, and CPE certificates are emailed immediately. As a WICPA member, you pay just $299 – that’s 40% off Sargent’s retail price! Surgent’s Unlimited Webinar Package (SP-0003) Surgent’s 2020 Unlimited Webinar Package includes unlimited access for the remainder of 2020 to more than 1,200 live webinars on hundreds of topics. With multiple live webinars offered every week, including weekends, airing at a variety of convenient times throughout the day and evening, you’ll always be able to find a live webinar in the CPE topic you need that best fits your schedule. With the most modern webinar platform in the industry and interactive courses with renowned expert discussion leaders, you’ll get the guidance and

analysis you need with an unmatched customer experience. As a WICPA member, you pay just $425 – that’s 30% off Surgent’s retail price!

o Unlimited Self-Study Package provides unlimited access to over 400 courses for more than 900 CPE hours.

Wolters Kluwer

o Firm Package provides unlimited access to over 700 courses for more than 1,500 CPE hours to your whole firm! (per user charge; minimum 5 users)

Wolters Kluwer and the Wisconsin Institute of CPAs have joined forces to offer WICPA members the following benefits: • 25% off all CCH® Publications— CCH® Publications provide a quick and economical way to stay on top of industry and market-leading tax and accounting developments. • 25% off the following CPELink Products—Meeting your CPE requirements every year is time consuming enough without spending extra time hunting for relevant courses and keeping track of what you need. CCH® CPELink helps you meet those requirements without the added stress. Hundreds of courses are offered and cover a broad range of topics relevant to your professional development. o Live Webinars are the most convenient way to earn CPE credit — without taking a test. You get coverage of today’s hot topics along with high-quality, interactive courses led by expert instructors. Plus you have the flexibility to log in and listen from anywhere. It doesn’t get any easier than that. o Self-study courses are easy to use, interactive and mobile friendly. Work at your own pace and enjoy instant access to your online self-study courses immediately after purchase. o Unlimited Webinars Package provides unlimited access to over 300 live webinars for more than 600 CPE hours.

Take advantage of your member benefits today! Visit www.cchcpelink.com/wicpa

WICPA On-Demand CPE on YOUR schedule. Anytime. Anywhere. Whether you’re looking to stay on top of current issues, get the latest updates, keep up with emerging trends or broaden your knowledge with some new tips and tricks, these ondemand programs provide high-quality CPE from the most well-respected professionals in the industry. Didn’t have a chance to attend one of our livestream conferences, seminars or breakfast meetings? No worries! With WICPA On-Demand, you can now view the most popular sessions of selected conferences and breakfast programs at your convenience. Additional benefits of registering for CPE On-Demand by WICPA include: • The ability to watch the sessions on your schedule — anytime, anyplace with an internet connection. • The convenience of following along with speakers as their PowerPoint slides automatically transition sideby-side with the video. • The ability to download the presentation slides in PDF format for easy referencing now and in the future. Visit wicpa.org/OnDemand for a complete listing.

Conveniently attend WICPA conferences, breakfast programs and seminars from anywhere with an internet connection! • Counts toward formal CPE requirement

• Presentations and course materials included

• Automatically added to your WICPA CPE Tracker

• Special discounts for WICPA members

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WICPA CPE Livestream & CPE On-Demand

Conferences

CONFERENCES Looking to be a standout accounting professional? WICPA livestream conferences offer you an opportunity to conveniently gain information from local and national experts without leaving your home or office!

Attendance via livestream qualifies for formal CPE credit. There will be checkpoints during the presentations that will enable you to verify your presence. Our livestream conferences also provide opportunities for Q&A by typing in your questions, which will then be provided to and answered by the presenter.

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WICPA members save up to $150 on registration! Registration opens approximately eight weeks prior to a conference. View conferences currently open for registration at wicpa.org/conferences.

Business & Industry Fall

Tax

Sept. 23, 2020

Nov. 12-13, 2020

The Business & Industry Fall Conference provides CPAs, CFOs, CEOs and controllers working in industry, public accounting, government, education and not-for-profits with updates on current issues and implications affecting various areas of business operations — including finance, human resources, information technology and ethics — and explores improved ways to manage a changing workplace.

The Tax Conference is the must-attend event for accountants, lawyers and business professionals who want to stay current on ever-changing federal and Wisconsin tax laws and issues. Experts in tax and related fields will offer detailed updates and tips to help participants better serve clients and their companies. This two-day conference is designed for professionals with all levels of experience working in public practice and industry, as well as practicing attorneys, corporate counsel and business and financial managers.

Not-for-Profit Accounting

managing, financial reporting, and tips on improving data and document workflow.

Technology Dec. 10-11, 2020 The Technology Conference provides in-depth coverage of technology issues, solutions and advancements that apply specifically to CPAs and accountants working in public practice, business, industry, government and nonprofit organizations. Learning objectives are designed to improve efficiencies and effectiveness in all areas of the organization.

Sept. 28, 2020 The Not-for-Profit Accounting Conference covers a variety of specialized topics specifically designed to address the accounting and financial issues facing nonprofits. The conference’s attendees include executive officers, controllers, accounting staff, managers, and other financial and administrative professionals serving not-for-profit organizations, allied health care, social service agencies, hospitals and nursing homes.

Accounting & Auditing

Business & Industry Spring

Nov. 18, 2020

March 23, 2021

The Accounting & Auditing Conference provides CPAs and financial professionals and their staff in public accounting, industry and government with information on timely issues and current changes in accounting and auditing. Topics include auditing standards, FASB, GASB, government

The Business & Industry Spring Conference provides CPAs, CFOs, CEOs and controllers working in industry, public accounting, government, education and not-for-profits with updates on current issues and implications affecting various areas of business operations — including

wicpa.org/CPEcatalog

finance, human resources, information technology and ethics — and explores improved ways to manage a changing workplace.

School District Audit

and their communities. Conference attendees include CPAs in public accounting as well as school district controllers, accounting and auditing staff, managers and financial staff.

May 18, 2021

Financial Institutions

The School District Audit Conference provides beginning and advanced auditors of Wisconsin school districts with the latest auditing updates, developments and tools they can use to better serve school districts

The Financial Institutions Conference covers a number of specialized topics that CPAs and others working in financial institutions need to know, including regulatory and legislative

updates, compliance issues and the latest economic conditions. Professionals who should attend this conference include CEOs, CFOs, controllers, managers and other financial staff serving all sizes and types of financial institutions.

May 21, 2021

The CPE Tracker is an easy-to-use tool created to keep track of all your CPE in one convenient location. • Automatically tracks WICPA formal learning activities • Add any non-WICPA CPE courses • Print reports for any reporting period

To get started, visit wicpa.org/CPEtracker

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TRACK YOUR CPE WITH THE WICPA’S CPE TRACKER

Breakfast Programs

BREAKFAST PROGRAMS Breakfast Programs will now be livestreamed! Our Breakfast Programs provide a convenient way to earn 2 to 4 CPE credits while staying updated on a variety of topics and still have valuable time remaining in your day. All programs qualify for formal CPE credit and provide the opportunity for Q&A by either asking the question or typing your question in the chat area for the presenter. 46 The Bottom Line | 2 0 2 0 E d i t i o n

Breakfast Program Season Passes

Jan. 13 Overcoming Inbox Overwhelm (BP0113LS)

Oct. 23 The Evolving Workspace (BP1023LS)

Register for individual programs or receive the BEST DEAL and register for a Season Pass. A Season Pass is an easy way to register for individual programs all at once and at a great cost savings!

Feb. 10 Developing Your Personal Strategy (BP0210LS) Mar. 10 Effective Interviewing & Hiring Strategies (BP0310LS)

Nov. 20 Chapter 11 Bankruptcy & the Small Business Reorganization Act (BP1120LS)

Apr. 21 Hot Tax Ethics and Practice & Procedure Issues (BP0421LS)

Dec. 4 Wisconsin Tax Update (BP1204LS) Jan. 15 Individual Income Tax Update (BP0115LS)

New options this year include a monthly Wednesday or Friday program Season Pass (or sign up for both to receive MORE savings) and a fourpart Diversity Series, which is free for members and is also included with each Season Pass.

May 19 Audit Update 2021 (BP0519LS)

Wednesday Breakfast Programs Season Pass (BPWSP)

CPE credit: 18 credits + 4 credits (fourpart Diversity Series included FREE!)

This Season Pass includes registration to all Wednesday Breakfast Programs listed below:

Apr. 23 Retirement Readiness for Those Within Five Years of Retirement (BP0423LS)

Friday Breakfast Programs Season Pass (BPFSP)

May 14 Keys to a Successful Business Valuation (BP0514LS)

Sept. 9 Cybersecurity & the Modern Workplace (BP0909LS) Oct. 7

COVID-19: Working Through the Pandemic (BP1007LS)

Nov. 4 The Basic International Tax Planning Tools That Every Tax Practitioner Must Know (BP1104LS) Dec. 9 Federal Tax Update (BP1209LS)

Registration: $389 member | $589 nonmember Savings include ONE FREE program $339 retired, part-time, unemployed/ leave-of-absence Savings include TWO FREE programs

Feb. 19 Microsoft Teams Collaboration and Office 365 Storage & File Sharing (BP0219LS) Mar. 19 Pay Decisions: The Good, the Bad & the Costly (BP0319LS)

This Season Pass includes registration to all Friday Breakfast Programs listed below:

Registration: $449 member | $699 nonmember Savings include ONE FREE program

Sept. 25 Employment Law Updates for Independent Contractors: Classifications, Use of Nonsolicitation Agreements & I-9 Employment Eligibility Verification (BP0925LS)

$399 retired, part-time, unemployed/ leave-of-absence Savings include TWO FREE programs CPE credit: 20 credits + 4 credits (fourpart Diversity Series included FREE!)

wicpa.org/CPEcatalog

Complete Breakfast Program Season Pass (BPCOMSP)

Sept. 25 | Open 7:30 a.m. Program 8 – 10 a.m.

Take advantage of the most CPE and cost savings by registering for ALL the Breakfast Programs! This Season Pass includes ALL Wednesday and Friday Breakfast Programs in addition to the four-part Diversity Series!

Employment Law Updates for Independent Contractors: Classifications, Use of Nonsolicitation Agreements & I-9 Employment Eligibility Verification (BP0925LS)

Registration: $749 member | $1,125 nonmember Savings include FOUR FREE programs

DeWitt LLP

$699 retired, part-time, unemployed/ leave-of-absence Savings include FIVE FREE programs

Sept. 9 | Open 7:30 a.m. Program 8 – 10 a.m. Cybersecurity & the Modern Workplace (BP0909LS) Jeremy Cherny, President & CEO, Tobin Solutions

As the modern workplace continues to evolve, new cybersecurity threats emerge daily. Cloud services, the use of personal devices, and the urgent and unprecedented migration to working from home have dramatically expanded the scope and scale of risk. Learn the foundations of security in plain language and learn what actions you can take to protect and preserve critical assets. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

John Gardner, JD, Shareholder, DeWitt LLP Raluca Vais-Ottosen, LL.M, Partner,

Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

DeWitt LLP

This presentation will cover best practice tips regarding the implementation and use of restrictive covenant agreements with employees under Wisconsin law. The presentation will also discuss best -practice tips for avoiding the most common traps of the I-9 Employment Eligibility Verification form, as well as changes in I-9 requirements implemented in the wake of the COVID-19 limits on in-person meetings. Finally, the complex and technical area of properly classifying employees and independent contractors under various federal and Wisconsin tests will be addressed, including a list of top recommendations related to independent contractor classification. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits Oct. 7 | Open 7:30 a.m. Program 8 – 10 a.m. COVID-19: Working Through the Pandemic (BP1007LS) Geoffrey Trotier, JD, Attorney, von Briesen & Roper, s.c.

The COVID-19 pandemic has required rapid, nimble redesign of our workplaces and reimagination of our workforce. We will discuss the latest

Oct. 23 | Open 7:30 a.m. Program 8 – 10 a.m. The Evolving Workspace (BP1023LS) Bruce Lanser, CIMA, CRPS, CPFA,

Senior Retirement Plan Consultant, UBS Retirement Plan Consulting.

MIT AgeLab’s insights reveal that longevity, demographic changes and technological innovation are revolutionizing the world of work. These changes mean that employers may face a number of challenges but — more importantly — some exciting opportunities to gain a competitive edge. Join us to learn about: • Educational opportunities to strengthen employees’ skills and avoid brain drain. • Ways to promote collaboration to nurture a happier, more productive workplace. • Flexible options to help employees fulfill caregiving needs and achieve work-life balance. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

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CPE credit: 38 credits + 4 credits (fourpart Diversity Series included FREE!)

Stephen DiTullio, JD, Shareholder,

legislation, regulations and workplace trends affecting how employers carry on their business in the midst of change. We also will discuss how to prepare our businesses in the event of a coronavirus second wave.

Breakfast Programs

Nov. 4 | Open 7:30 a.m. Program 8 – 10 a.m. The Basic International Tax Planning Tools Every Tax Practitioner Must Know (BP1104LS) Robert Misey Jr., LL.M, JD, Chair of the

International Department, Reinhart Boerner Van Deuren s.c.

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The economy continues to become more globally connected. Whether we have clients who decided to conduct business abroad or foreign businesses that came to the United States, tax practitioners must be able to spot issues to save taxes on properly prepared IRS compliance. This program is designed for the tax practitioner who may have only a couple of clients with international activities. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits Nov. 20 | Open 7:30 a.m. Program 8 – 10 a.m. Chapter 11 Bankruptcy & the Small Business Reorganization Act (BP1120LS) Jeffrey Bartlett, MBA, Managing Director

of Finance for vonBriesenOneSource, von Briesen & Roper, s.c. Mark Foley, JD, Shareholder, von Briesen & Roper, s.c. William Gardner, JD, Shareholder, von Briesen & Roper, s.c. Benjamin LaFrombois, JD, Shareholder, von Briesen & Roper, s.c. Anne Wal, JD, Shareholder, von Briesen & Roper, s.c. James Wawrzyn, JD, Shareholder, von Briesen & Roper, s.c.

This program will focus on debtors in Chapter 11 bankruptcy cases, including how the Small Business Reorganization Act (SBRA) radically transforms the bankruptcy process for small business debtors and how SBRA makes the Chapter 11 process faster, more

economical and more likely to result in a confirmed restructuring plan. The presenters will explain the cost/benefit analysis that financially distressed companies may use to evaluate the viability of a Chapter 11 restructuring, including how to develop financial projections for a post-bankruptcy restructured entity. They will also explain why virtually everyone with an interest in a Chapter 11 debtor should pay attention to the first-day motions and orders, how debtors obtain postbankruptcy (or debtor-in-possession) financing, the treatment of afforded real property leases in bankruptcy, and the special rights afforded vendors that deliver goods to the debtor on the eve of bankruptcy. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits Dec. 4 | Open 7:30 a.m. Program 8 – 10 a.m. Wisconsin Tax Update (BP1204LS) Brian Kelley, CPA, MST, Managing Director – State & Local Tax Services, Sikich LLP

The presenter will discuss recent key legislative, judicial and administrative developments in Wisconsin tax law, including conformity to recent federal CARES Act legislation and the imposition of economic “Wayfair” sales tax nexus provisions. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

Earn CPE by Speaking at WICPA Breakfast Programs Speakers for 2021-2022 are needed in Eau Claire, La Crosse, Madison, Milwaukee, Northeast Wisconsin, Waukesha and Wausau. Earn CPE while sharing your expertise, developing leadership skills and promoting your organization. Contact the CPE team at 262-785-0445.

wicpa.org/CPEcatalog

Dec. 9 | Open 7:30 a.m. Program 8 – 10 a.m. Federal Tax Update (BP1209LS) Terri Lillesand, CPA, Tax Principal, CLA The presenter will discuss the most important tax laws passed and IRS guidance issued in 2020. She will also provide updates on the Tax Cuts and Jobs Act.

Jan. 13, 2021 | Open 7:30 a.m. Program 8 – 10 a.m. Overcoming Inbox Overwhelm (BP0113LS)

Jennifer Buchholz, MCT, MOS, MCCT, Lead Trainer, Excel & Flourish

If you’re overwhelmed with the number of emails in your inbox and you think there are ways you could better manage your to-do list, or you want to know secret email tricks to help you be more efficient, attend this training. Using the “Zero Inbox” approach, combined with “Getting Things Done” methodology, you will walk away from this program with a cleaner inbox, a more consistent approach to task management and shortcuts to help you manage your workflow. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits Jan. 15, 2021 | Open 7:30 a.m. Program 8 a.m. – noon Individual Income Tax Update (BP0115LS) Terri Lillesand, CPA, Tax Principal, CLA This program will provide you with the latest federal and Wisconsin tax updates

NOTE: The registration fee for this program includes a Master Tax Guide and will be mailed at no additional charge.

Registration: $119 member | $169 nonmember $109 retired, part-time, unemployed/ leave-of-absence CPE credit: 4 credits 49

Feb. 10, 2021 | Open 7:30 a.m. Program 8 – 10 a.m. Developing Your Personal Strategy (BP0210LS)

Diane Roundy, MBA, Manager, Baker Tilly Executive Search, LLP

As a professional, you need to determine where you are today, where you want to go and how you are going to get there. These are key questions to develop your road map to success. During this program, you will: • Evaluate your personal brand. • Discuss ways to update/adjust your personal brand. • Determine where you are today professionally and personally. • Devise a plan for where you want to go. You will also identify your strengths and weaknesses, evaluate centers of influence and determine the skills needed to develop your action plan for success. It’s a session you cannot afford to miss. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

PLUS:

$50 OFF Conferences and

$50 OFF Seminars

Applies to programs over 8 hours.

wicpa.org/CPEcatalog See specific event registration for details, or call and ask for the WICPA CPE Department at 262-785-0445.

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Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

you will need to know for the upcoming filing season. Some of the topics covered will include IRS guidance, court cases, and the CARES Act.

Breakfast Programs

Feb. 19, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

March 19, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

April 23, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

Microsoft Teams Collaboration and Office 365 Storage & File Sharing

Pay Decisions: The Good, the Bad & the Costly (BP0319LS)

Retirement Readiness for Those Within Five Years of Retirement (BP0423LS)

(BP0219LS)

Robert Lemke, CCP, SPHR, Director –

Kevin Reardon, CFP, President,

This session will show you how to productively use Teams as a collaborative tool. Similarly, you will learn how to take advantage of the file-sharing and storage capabilities of O365 to reduce file versioning and duplication. This presentation will reflect capabilities both of these programs have in 2021 (at the time of the demonstration).

This workshop is your opportunity to explore options to traditional methods of aligning total compensation to evolving workforce needs, managing employee compensation and benefit investments, and allocating pay increase budgets. Participants will learn program evaluation fundamentals, trade-off analysis and reward strategies.

This program will highlight the most important items you and your clients should be implementing when you’re on the cusp of retirement. Investments, tax planning, insurance, estate documents and more will be covered along with a checklist of items to complete when working toward retirement.

Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

March 10, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

April 21, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

Effective Interviewing & Hiring Strategies (BP0310LS)

Hot Tax Ethics and Practice & Procedure Issues (BP0421LS)

Laura Fischer, PHR, Manager – Human

Michael Goller, JD, Shareholder & Tax

Daniel Petersen, President, Applied Tech

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Resources Advisory Services, Sikich LLP

This session will provide hiring managers with greater awareness of the legal and compliance issues throughout the interviewing and hiring process. Additionally, it will help identify styles and types of interviews and when to use each type for an overall more effective interviewing and hiring process. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

Human Capital Services, Grant Thornton LLP

Department Chair, Reinhart Boerner Van Deuren s.c.

The presenter will discuss a summary of recent ethical issues that the CPA must be aware of, along with an update of the current hot IRS issues. NOTE: This course qualifies for 2 credits toward the WICPA membership Ethics CPE requirement.

Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

Shakespeare Wealth Management, Inc.

Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits May 14, 2021 | Open 7:30 a.m. Program 8 – 10 a.m. Keys to a Successful Business Valuation (BP0514LS) Nancy Czaplinski, CPA/ABV, CGMA, CFA, ASA, Managing Director, Duff & Phelps, LLC

Considering engaging someone to value your business? This presentation is for you! A successful business valuation requires participation of both the client and the valuation consultant. Walk through business valuation methodology and the valuation due diligence process. Examples of business valuation methods as well as tips on how both the valuation consultant and the client can ensure a successful due diligence process will be provided. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

wicpa.org/CPEcatalog

May 19, 2021 | Open 7:30 a.m. Program 8 – 10 a.m.

Sept. 16 | Open 2 p.m. Program 2:30 – 3:20 p.m.

Oct. 14 | Open 2 p.m. Program 2:30 – 3:20 p.m.

Audit Update 2021 (BP0519LS)

How Employers Can Support the Current Movement (DS0916LS)

Training Employees on Preventing Bias & Discrimination (DS1014LS)

Geoffrey Trotier, JD, Attorney, von Briesen

The first part of the series will examine the impact of recent happenings related to racism and diversity and will include discussion on the following topics:

This program will discuss the importance of teaching employees how preventing bias and discrimination begins with understanding, as well as how to recognize bias and learn about our differences and achieve a respectful workforce.

Brad Hermes, CPA, Partner, Sikich LLP This program will cover updates and trends in audit, assurance and related accounting issues to be aware of in 2021 and the coming years. Registration: $49 member | $75 nonmember $45 retired, part-time, unemployed/ leave-of-absence CPE credit: 2 credits

Free to members, this four-part Diversity Series will help educate participants on topics of diversity, racism, supporting employees, recognizing bias and the need for a diverse workforce. Diversity Series Season Pass (DIVSP) – Free to members Conveniently register for all four parts of the Diversity Series with the Season Pass, or register for the individual programs separately. NOTE: Each program is not dependent on attending the preceding program.

Sept. 16 How Employers Can Support the Current Movement (DS0916LS) Sept. 30 Creating a Diverse Workplace (DS0930LS) Oct. 14 Training Employees on Preventing Bias & Discrimination (DS1014LS) Oct. 28 How Diversity Can Help With Recruiting & Retention (DS1028LS) Registration for Season Pass: FREE to members | $75 nonmember CPE credit: 4 credits

• Providing emotional support for employees • Reviewing policies regarding racism • Promoting learning about diversity • Openly supporting charities • Supporting/purchasing from Blackowned businesses Registration: FREE to members | $25 nonmember CPE credit: 1 credit Sept. 30 | Open 2 p.m. Program 2:30 – 3:20 p.m. Creating a Diverse Workforce (DS0930LS) Geoffrey Trotier, JD, Attorney, von Briesen & Roper, s.c.

This program will help you re-evaluate how you recruit and pursue different avenues and create and empower employee networks. Registration: FREE to members | $25 nonmember CPE credit: 1 credit

& Roper, s.c.

Registration: FREE to members | $25 nonmember CPE credit: 1 credit Oct. 28 | Open 2 p.m. Program 2:30 – 3:20 p.m. How Diversity Can Help With Recruiting & Retention (DS1028LS) Geoffrey Trotier, JD, Attorney, von Briesen & Roper, s.c.

Learn the importance diversity can play in successfully recruiting and retaining your workforce. Topics to be discussed in this conclusion of the Diversity Series will include: • A diverse workforce = a nimble workforce • Diversity = workplace longevity • A talent pool that reflects your market • The business case for diversity Registration: FREE to members | $25 nonmember CPE credit: 1 credit

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Diversity Series

& Roper, s.c.

Seminars l Accounting & Auditing

ACCOUNTING & AUDITING Sept. 10 | Open 8 a.m. Program 8:30 a.m. – noon Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know (CL4INRR) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh 52 The Bottom Line | 2 0 2 0 E d i t i o n

The effective date for the new revenue recognition accounting standard, released in 2014, has arrived. For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five-step process. In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Supported by practical examples, this course will assist in avoiding revenue recognition traps and provide the latest FASB guidance to prepare CPAs for future implementation. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: AICPA Sept. 10 | Open noon 12:30 – 4 p.m. The Bottom Line on the New Lease Accounting Requirements (CL4LEAS) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

How do the leasing requirements in the new standard differ from current

GAAP? This course addresses that question by focusing on the basic core principles of the new standard. Discussion includes basic identification, recognition, measurement, presentation and disclosure requirements. Case study exercises are included to illustrate application of the new standard, and the lessee/lessor accounting models are discussed. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: AICPA Oct. 8 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. U.S. GAAP: Review for Business & Industry (FASBI) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

Which FASB ASUs become effective in the next year and beyond? How should the new guidance be applied? This course helps answer those questions by addressing GAAP financial accounting and reporting topics in conjunction with an overview of recent FASB pronouncements. Utilizing detailed descriptions and examples of how to implement the new standards, this course teaches you how to assess new and recent FASB guidance that has a major effect on all industries. It will help you understand the latest pronouncements and how to develop implementation strategies. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence

$50 early bird discount if registered and paid by Sept. 24 $30 AICPA member discount Level of knowledge: Update CPE credit: 8 credits Developed by: AICPA Oct. 13 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Not-for-Profit Financial Reporting: Mastering the Unique Requirements (NFPF)

Martin J. Birr, CPA, CMA, CIA, MBA,

Trustee Lecturer in Accounting, Kelley School of Business at Indiana University

Do you know what makes not-for-profit accounting and financial reporting different? Avoid the potholes of confusion and provide a financial picture that end users can truly understand. Through a combination of practical guidance and case studies, this course provides insight into what makes not-for-profits different. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Sept. 29 $30 AICPA member discount Level of knowledge: Intermediate CPE credit: 8 credits Developed by: AICPA Oct. 16 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Compilations, Reviews & Preparations: Engagement Performance & Annual Update (CRAU) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

This course will provide preparation, compilation and review practitioners

wicpa.org/CPEcatalog

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 2 Level of knowledge: Update CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Oct. 21 | Open 8 a.m. Program 8:30 a.m. – noon Financial Statement Disclosures: A Guide for Small & Medium-Sized Businesses (GSM4) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

A clear and concise set of proper financial statement disclosures can make or break an entity’s financial statements. Such disclosures are no longer simply additional information provided by a business; they can be complex in nature and difficult to both prepare and understand, even for small and medium-sized businesses. This course will focus on key balance sheet and income statement disclosures relating to adoption of new accounting standards, such as Topic 606, accounting policies, changes in accounting estimates and errors, subsequent events, going concern and related party disclosures. The course

will use illustrations, examples based on private companies’ disclosures and real-world excerpts from financial statements to provide a hands-on feel for the disclosure requirements across a number of accounting standards. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Beginning CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

Oct. 21 | Open noon Program 12:30 – 4 p.m. Topic 606: Tackling the Year Two PostImplementation Issues (TYR4) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

While the effective date of Topic 606 has passed for both public and nonpublic entities, issues related to the application of the new revenue recognition guidance remain. Whether resulting from SEC comment letters, peer group analysis or continued internal feedback, many entities are continuing to fine-tune their application of the new guidance beyond the year of implementation. Though the new standard is now “live,” there is still a lot of work to be done for companies to get to a steady state of operations under Topic 606. This course will provide insights on these continuing efforts so you can be prepared to put Topic 606 compliance behind you once and for all. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

PLUS:

$50 OFF Conferences and

$50 OFF Seminars

Applies to programs over 8 hours.

wicpa.org/CPEcatalog See specific event registration for details, or call and ask for the WICPA CPE Department at 262-785-0445.

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and their staff a comprehensive review and hands-on application for performing financial statement preparation, compilation and review engagements. Learn the ins and outs of SSARS No. 21, Clarification and Recodification; explore the changes that have occurred with the issuance of SSARS Nos. 22, 23 and 24 with regard to compilation of pro forma financial information engagements as well as other areas relevant to SSARS No. 21 engagements; and review proposed changes to the SSARS in order to conform the guidance to international standards.

Seminars l Accounting & Auditing

Nov. 5 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

financial statements, footnotes and corporate tax issues.

Dec. 3 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

Annual Update for Accountants & Auditors (AUAA)

NOTE: There is a vendor-imposed limit for virtual attendance and the possibility registration will be capped. If any registrants register after the limit has been reached, they will be placed on a waiting list and contacted if a spot opens up.

Accounting & Auditing Update for Small Businesses (SMBZ)

Registration: $599 member | $649 nonmember Level of knowledge: Intermediate CPE credit: 24 credits Developed by: Minnesota Society of CPAs

Receive updates on the new accounting, auditing, compilation, preparation and review standards and other professional guidance that impact small businesses and their auditors. Materials include practical applications of the topics covered to help you understand and apply the standards to real-life scenarios. With the rate of change in today’s regulatory environment, be someone your clients can count on by staying current on the topics impacting the profession.

Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

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Keep abreast of the fast-paced changes in accounting and auditing. This comprehensive course will cover relevant pronouncements, exposure drafts and other guidance recently issued in the accounting, auditing, review, compilation and preparation engagement arenas. This course will help you sort through the complexities and identify and apply recently issued FASB, PCAOB, ARSC and ASB standards and guidance. Stay current on the topics impacting the profession today, and don’t get left behind by the rate of change in today’s regulatory environment. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 5 $30 AICPA member discount Level of knowledge: Update CPE credit: 8 credits Developed by: AICPA Nov. 18-20 | Open 8 a.m. Program 8:30 a.m. – 4:30 p.m. Staff Training: Semi-Senior (Level 2) (WMSTP2A)

Bruce Dunn, Consultant, AHI Associates In this virtual workshop, staff will gain the skills and confidence needed to successfully handle small engagements while meeting the needs of both the client and the firm. They’ll leave with the capabilities to complete smaller audits, reviews and compilations with minimum supervision and maximum profitability. In addition, they’ll build their skills with analytical procedures,

Nov. 23 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Construction Contractors: Critical Accounting, Auditing & Tax Issues (CONS) William I. Eskin, CPA, Owner, WIE, Inc. Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Construction engagements are, in many instances, more “dangerous” than other lines of business due to the many users of the financial statements. We’ll look at why construction accounting and financial reporting are so complex and study the relationship between the contractor and the surety from both an underwriting and a claims perspective. We’ll explore what the surety looks for in order to maximize potential bond credit and discuss key areas of tax compliance concentrating on those areas that make construction unique, including the impact of the Tax Cuts and Jobs Act on the construction industry. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 23 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 3 $30 AICPA member discount Level of knowledge: Update CPE credit: 8 credits Developed by: AICPA Dec. 17 | Open noon Program 12:30 – 4 p.m. Annual FASB Update & Review (FUR4) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

Designed for practitioners and their staff, whether in public accounting or business and industry, this course will provide an overview of recent FASB accounting and reporting developments, including review of recent Private Company Council (PCC) activities and recently issued and proposed Accounting Standards Updates (ASUs). Special attention is given to standard setters’ activities that affect small and medium-sized entities,

wicpa.org/CPEcatalog

including a deeper dive into Topic 842 on leases and Topic 326 on accounts receivable impairment. Examples and illustrations will provide a hands-on application to help you assess and implement the new standards and guidance applicable to your practice and clients.

Jan. 4-6, 2021 | Open 8 a.m. Program 8:30 a.m. – 4:30 p.m. Staff Training: Basic (Level 1) (WMSTP1A) Richard A. Ferdinand, CPA, CFO, Ensconce Data Technology

Training new staff is an investment in your employees and in the future of your firm. In this three-day course, your staff will get tools to improve efficiency, become more profitable and meet quality control standards. The curriculum, geared for both local and regional firms, bridges the gap between the theory students learn in college and the tools staff members need in practice. They’ll get experience preparing work papers, performing compilations and reviews, performing tax research and completing detailed audit tests. NOTE: There is a vendor-imposed limit for virtual attendance and the possibility registration will be capped. If any registrants register after the limit has been reached, they will be placed on a waiting list and contacted if a spot opens up.

Registration: $599 member | $649 nonmember Level of knowledge: Beginning CPE credit: 24 credits Developed by: Minnesota Society of CPAs

Audits of Employee Benefit Plans Subject to ERISA (AUEBP) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsin–Oshkosh

Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from client acceptance/continuance through engagement archive. We will take a deep dive into defined contribution plans (the most common type of plans audited) to comply with professional standards, ERISA and SEC requirements. You will obtain an awareness of additional considerations when auditing defined benefit pension plans and health and welfare benefit plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Apr. 26, 2021 $30 AICPA member discount Level of knowledge: Beginning CPE credit: 8 credits Developed by: AICPA

TRACK YOUR CPE WITH THE WICPA’S CPE TRACKER The CPE Tracker is an easyto-use tool created to keep track of all your CPE in one convenient location. • Automatically tracks WICPA formal learning activities • Add any non-WICPA CPE courses • Print reports for any reporting period To get started, visit wicpa.org/CPEtracker

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Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

May 26, 2021 | Open 8 a.m. Program 8:30 a.m. – 4 p.m.

Seminars l Ethics

ETHICS Dec. 17 | Open 8 a.m. Program 8:30 a.m. â&#x20AC;&#x201C; noon Ethical Considerations for CPAs (ETH4) Joann Noe Cross, CPA, PhD, CMA, CGFM, CGMA, Professor of Accounting, University of Wisconsinâ&#x20AC;&#x201C;Oshkosh

Today CPAs face greater challenges than ever to maintain the high

ethical standards of their profession. This course provides a framework within which to consider the ethical challenges facing CPAs and focuses on ethical requirements that CPAs must adhere to in their everyday practice, including practical examples of potential ethical dilemmas that practitioners may encounter.

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The missing piece of your marketing puzzle.

WICPA Sponsorships wicpa.org/sponsor

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

Seminars l Financial Planning

FINANCIAL PLANNING Nov. 6 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Estate & Life Planning Issues for the Middle-Income Client (PMIC) Scott Emerson, EA, Consultant, Surgent McCoy CPE, LLC

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 6 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Nov. 19 | Open 8 a.m. Program 8:30 a.m. – noon Securing a Comfortable Retirement (SCR4)

Edward A. Harter, CPA, Sole Practitioner, Edward A. Harter, CPA

This course will give CPAs the knowledge to help their clients plan for retirement by evaluating how much retirement income they will require and planning how to reach their retirement goals. Examples include understanding the timing regarding use of taxable and nontaxable retirement funds, strategies to minimize income tax on Social Security, planning for married couples, recognizing the role of various investment types like

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC Nov. 19 | Open noon Program 12:30 – 4 p.m. Required Minimum Distributions: Compliance & Planning (RMD4) Edward A. Harter, CPA, Sole Practitioner, Edward A. Harter, CPA

Required minimum distributions (RMDs) from employer retirement plans and IRAs must be taken, or steep penalties will be incurred. Planning opportunities exist in certain situations, in addition to special rules for inherited retirement funds, that can minimize distributions. This course addresses compliance issues and planning opportunities regarding RMDs so that you are better prepared to help your clients navigate the rules and taxation of distributions. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

ATTENTION! THE CURRENT CPE REPORTING PERIOD ENDS DEC. 31, 2021 Reporting Period: Jan. 1, 2020 – Dec. 31, 2021 CPE Requirement: 80 total CPE credits Ethics Requirement: 3 Ethics CPE credits

Visit wicpa.org/CPErequirements for updated information about CPE requirements.

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mutual funds or equity holdings and summarizing the key points of recent research on the sustainability of retirement income and maintenance of desired retirement lifestyles.

Seminars l Financial Planning

Dec. 1 | Open 8 a.m. Program 8:30 a.m. â&#x20AC;&#x201C; 4 p.m.

Security as well as a myriad of other related retirement planning issues.

Social Security & Medicare: Planning for You & Your Clients (SSRB)

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 1

Douglas P. Stives, CPA, MBA, Professor of Accounting, Monmouth University

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Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need to deal with Social

Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Dec. 2 | Open 8 a.m. Program 8:30 a.m. â&#x20AC;&#x201C; 4 p.m. The Complete Trust Workshop (TCTW) Scott Emerson, EA, Consultant, Surgent McCoy CPE, LLC

Clients need to be informed about why planning is essential in these changing times. The purpose of this course is to explore the many beneficial issues of trusts, an essential element in estate planning. This course gives insights and practical pointers concerning trusts of every shape and size after tax reform. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 2 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

The use of trusts will continue to undergo changes in the current year.

Take the

MYSTERY

out of your member profile! UPDATE your profile and stay connected.

Log on to wicpa.org/MyWICPA with your WICPA username and password.

Seminars l Government & Nonprofit

GOVERNMENT & NONPROFIT Sept. 17 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. A Complete Guide to the New Yellow Book (CGYB) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Sept. 7 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Sept. 21 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Real-World Fraud Found in Governments & Not-for-Profits (RFGN) Diane E. Edelstein, CPA, Partner, Maher Duessel

What do you think of when you hear the word “fraud?” Are you concerned for your clients or your organization? Through a comprehensive learning approach using examples and informative case studies, we’ll learn about real-world government and notfor-profit fraud, including cyberfraud, and your responsibilities when dealing

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Sept. 11 $30 AICPA member discount Level of knowledge: Intermediate CPE credit: 8 credits Developed by: AICPA Oct. 2 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Latest Developments in Government & Nonprofit Accounting & Auditing (GNAA) Michael J. Morgan, CPA, President, Langford Educational Enterprises, Inc.

This year is indeed another year of significant change in the world of government and nonprofit accounting and auditing. Time is valuable, and it’s hard to stay current in today’s rapidly changing environment. However, this course will help you save both time and effort in staying current. More than 30 focused exercises are included to provide an enhanced working knowledge of the latest developments in government and nonprofit accounting and auditing. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Sept. 18 Level of knowledge: Update CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

PLUS:

$50 OFF Conferences and

$50 OFF Seminars

Applies to programs over 8 hours.

wicpa.org/CPEcatalog See specific event registration for details, or call and ask for the WICPA CPE Department at 262-785-0445.

The Bottom Line | 2 0 2 0 E d i t i o n

The new Yellow Book is effective for audits of financial statements for periods ending on or after June 30, 2020. Save the time and stress of trying to understand the new Yellow Book alone. With materials utilizing a highly illustrative and innovative format, including over 25 focused exercises on key practice issues, this course will equip you with a comprehensive knowledge of the new Yellow Book and allow you to confidently implement the requirements.

with it. Since recognizing fraudulent or deceptive practices is not always easy, this course will highlight fraud topics headlining today’s news and sharpen your forensic skills with techniques to help you identify behavioral tendencies that could lead to fraudulent activity.

Seminars l Government & Nonprofit

Nov. 9 | Open 8 a.m. Program 8:30 a.m. – noon The Most Critical Challenges in Notfor-Profit Accounting Today (CNA4) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

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This year not-for-profit entities are preparing for or applying critical new standards related to contributions, leases and more. Now is the time to know not only what the standards say but what they mean and how they will affect not-for-profit entities. This course will utilize 15 focused exercises to illustrate and provide an enhanced working knowledge of the most critical challenges in not-for-profit accounting today.

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Update CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

not only what the standards say but what they mean and how they will affect governmental entities. This course will utilize 15 focused exercises to illustrate and provide an enhanced working knowledge of the most critical challenges in governmental accounting today.

Nov. 9 | Open noon Program 12:30 – 4 p.m.

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Update CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

The Most Critical Challenges in Governmental Accounting Today (CGA4) Jeffrey Lieman, CPA, CFE, President, Lieman Associates LLC

This year governments are preparing for or applying critical new standards related to fiduciary activities, leases and more. Now is the time to know

WICPA CPE Livestream & CPE On-Demand Conveniently attend WICPA conferences, breakfast programs and seminars from anywhere with an internet connection! • Counts toward formal CPE requirement

• Presentations and course materials included

• Automatically added to your WICPA CPE Tracker

• Special discounts for WICPA members

Seminars l Management & Emerging Professionalswicpa.org/CPEcatalog

MANAGEMENT & EMERGING PROFESSIONALS Dec. 14 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Current Developments & Best Practices for Today’s CFOs & Controllers (TCFO) Kenneth R. Greenwood, Consultant, Kenneth R. Greenwood

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 14 Level of knowledge: Update CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Jan. 20, 2021 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. CFO/Controller’s Roadmap to Success: Integrated Planning, Forecasting & Budgeting (PLFB) Kenneth R. Greenwood, Consultant, Kenneth R. Greenwood

tax and health care issues associated with all aspects of employment, especially now. This course provides in-depth coverage of this critical area so that you are better prepared as an employer.

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Dec. 20 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

This course covers basic legal principles that every accountant should be familiar with to avoid common legal disputes and costly litigation. By analyzing business law issues from the standpoint and background of accountants and auditors, this course will help you develop an approach to client and practice issues with a sensitivity and appreciation for the legal ramifications that can occur.

Feb. 16, 2021 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Employer’s Handbook: Legal, Tax & Health Care Issues (HTOF) Kenneth R. Greenwood, Consultant, Kenneth R. Greenwood

The employer-employee relationship strains both sides in uncertain times; and businesses need CPAs, controllers and other advisors to provide understanding of the complex legal,

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Jan. 16, 2021 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Feb. 17, 2021 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Business Law Essentials for Practitioners & Controllers (BLAW) Kenneth R. Greenwood, Consultant, Kenneth R. Greenwood

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Jan. 17, 2021 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

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In today’s rapidly changing world, finance professionals are required to wear many hats and are often the keys to their organizations’ success. On one hand, they need to stay abreast of the latest proven financial skills for making the best decisions; and on the other hand, they need the best skills to motivate, manage and lead people. Being pigeonholed into one area or another is good for neither career building nor the good of the organization. This course has been designed and updated with current domestic and global economic conditions as well as technical issues on the cloud and social media to give the CFO and controller the skills needed to lead their organizations into the rapidly changing decade.

Many organizations spend vast amounts of money and effort planning, forecasting and budgeting. All too often, they fall short because the three disciplines are separated and not connected throughout the company, creating a lack of uniform accountability within the organization. This course is designed to completely integrate the planning process and show how to avoid political pitfalls that end up causing a lack of accountability and demotivating staff. It will look at the entire planning process from beginning to end and show how much smoother it can be when it is an integrated process. While this is a technical course discussing many of the technical tricks and tips for producing a good plan, it is also a strategic planning and management course that will cover the political aspects of planning.

Seminars l Taxation

TAXATION Sept. 22 | Open 8 a.m. Program 8:30 a.m. – noon Farm Tax Update Part I: CARES Act, TCJA & Other Tax Changes (WMFTR1B) Christopher W. Hesse, CPA, Principal, CLA Paul Neiffer, CPA, Principal, CLA

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Recent tax developments and legislative changes impact farmers in unique ways that require careful planning. Learn how to handle the latest tax legislation, income and deduction items affecting your farm and ranch clients, including the big impact of the Coronavirus Aid, Relief and Economic Security (CARES) Act and tax reform on this industry. Explore ways to enhance taxpayer cash flow due to COVID-19 developments, learn about the latest IRS guidance and come away with tax planning strategies for this specialized sector. Registration: $195 member | $245 nonmember Level of knowledge: Update CPE credit: 4 credits Developed by: Minnesota Society of CPAs Sept. 24 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. S Corporation, Limited Liability & Partnership Update for Practitioners (BCPE)

Charles Borek, CPA, MBA, JD, CEO, Borek Group, LLC

This year practitioners need to keep abreast of tax changes affecting pass-through entities used by their business clients and employers. Learn invaluable knowledge, strategies, techniques, innovative tax-planning concepts, income-generating ideas and other planning opportunities available to S corporations, partnerships, LLCs and LLPs.

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Sept. 14 Level of knowledge: Update CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Sept. 24 | Open 8 a.m. Program 8:30 a.m. – noon Farm Tax Update Part II: Agricultural Subsidies, Disaster Relief Payments, Disaster Loss Election & Other Agricultural Tax Topics (WMFTR2B) Christopher W. Hesse, CPA, Principal, CLA Paul Neiffer, CPA, Principal, CLA This is a tough time for farmers, and luckily, some relief is available to help them. Learn about current Farm Service Agency (FSA) programs available for farmers. Explore the additional programs brought about by the Coronavirus Aid, Relief and Economic Security (CARES) Act and find out how entity selection affects program payments. Learn about disaster relief payments, disaster loss elections and other tax changes affecting the agricultural industry. Registration: $195 member | $245 nonmember Level of knowledge: Update CPE credit: 4 credits Developed by: Minnesota Society of CPAs Sept. 29 | Open 8 a.m. Program 8:30 a.m. – noon Section 199A: Application & Challenges (AIG4)

Joshua R. Jenson, CPA, Managing Partner, Jenson & Company, CPAs, P.C.

Section 199A is easily the least understood topic of The Tax Cuts and

Jobs Act. Your clients will look to you for explanations and best practices to maximize the 20% deduction. Pass-through entities and real estate investors stand to gain valuable tax cuts, and the average practitioner cannot afford to be uninformed on Section 199A. This program incorporates the experiences many tax practitioners had over the last tax season calculating and applying this deduction. This course will cover all relevant facets and nuances of the deduction, as well as implementation issues and lessons that will be useful in advising clients this year. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Update CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC Sept. 29 | Open noon Program 12:30 – 4 p.m. Section 199A: Schedule K-1 Reporting by Relevant Pass-Through Entities (PRK4) Joshua R. Jenson, CPA, Managing Partner, Jenson & Company, CPAs, P.C.

Section 199A is the hottest tax topic related to the Tax Cuts and Jobs Act. The Act created new reporting requirements in which each relevant pass-through entity (RPE) is required to report relevant data needed to calculate the deduction to each recipient of a Schedule K-1. Your clients will trust you to ensure that the relevant data is properly reported. The IRS has added disclosure lines to Schedule K-1 for S corporations, partnerships and trusts. This course will cover the new reporting requirements on those forms as well as uncertainties that still exist related to the reporting requirements.

wicpa.org/CPEcatalog

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC Oct. 20 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Tax Planning for Small Businesses (TPSC) Robert M. Gilwee Jr., CPA, MS, Partner, Grandizio, Wilkins, Little & Matthews, LLP

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 6 $30 AICPA member discount Level of knowledge: Intermediate CPE credit: 8 credits Developed by: AICPA Oct. 22 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Advanced Taxation: LLCs & Partnerships (APL) Bruce Nelson, CPA, MA, Director – SALT, EKS&H, LLLP

Partnership tax law is arguably one of the most complex sets of provisions in the Internal Revenue Code (IRC). To effectively serve your business and individual partner clients, there must be a good working knowledge of the IRC’s sophisticated partnership tax rules and regulations. Some of the

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 8 $30 AICPA member discount Level of knowledge: Advanced CPE credit: 8 credits Developed by: AICPA Oct. 26 | Open 8 a.m. Program 8:30 a.m. – noon Individual Tax Planning Ideas (ITP4) Deborah A. Phillips, CPA, MST, Tax

Oct. 26 | Open noon Program 12:30 – 4 p.m. Guide to Payroll Taxes & 1099 Issues (GPT4)

Deborah A. Phillips, CPA, MST, Tax

Controversy Consultant, Surgent McCoy CPE, LLC

Employment taxes are often overlooked as an area where more planning could be effective. Payroll taxes have become a burden for the average business and IRS penalties for noncompliance have risen dramatically in recent years (as uncovering noncompliance by employers ranks high on the IRS’s audit list). As a result, payroll taxes have also been subject to employer incentives. This course presents an overview of employee versus independent contractor criteria, the federal payroll taxes form, Form 1099 and other related compliance issues that can help you remain compliant. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Beginning CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

Controversy Consultant, Surgent McCoy CPE, LLC

With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This course presents the most important income tax planning ideas wealthy clients and closely held business owners need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client. Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC

Oct. 27 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Fiduciary Income Tax Returns: Form 1041 Workshop With Filled-In Forms (1041)

Scott Emerson, EA, Consultant, Surgent McCoy CPE, LLC

This course is designed to help participants understand the core concepts of trust and estate income tax preparation. There will be an explanation of the common terminology and complicated income tax rules of estates and trusts and fiduciary accounting and a refresher on preparing Form 1041. Beginning with a couple simple cases and building upon that base throughout the course, at the end we will complete two complicated preparation cases — one trust and one estate — each with filled-in forms.

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What tax planning strategies will you provide for your corporate and small business clients? Explore state-ofthe-art planning ideas and tax-saving strategies to keep more of your clients’ money in their pockets. This course answers the tough questions and shows what strategies are best for your clients as a result of the most recent tax legislation and IRS guidance on tax reform.

many concepts covered in this course include special allocations, liquidation and nonliquidation distributions, property basis calculations under various scenarios and sales of a partnership interest. Updated with the most recent legislation and IRS guidance, this course will guide you through the complicated world of advanced partnership and LLC tax law so you can provide your clients with valuable advice and tax planning strategies.

Seminars l Taxation

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 13 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Oct. 29 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. 64

Top 10 Tax Topics for the Year (TTEN) Patrick D. Rogan, CPA, MBA, Professor of

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Accounting, Cosumnes River College

Take an expedition through the harbors and swamps of this year’s tax landscape. This course will uncover, review and provide an in-depth discussion of the current tax issues affecting clients this year. Explore the practical implications, potential pitfalls and planning opportunities to take into the next year as you plan. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 15 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Oct. 30 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Nexus Update: Latest Developments in State Income, Franchise & Sales Taxes (NXUP) Bruce Nelson, CPA, MA, Director – SALT, EKS&H, LLLP

The barriers to doing business across state lines have significantly decreased in recent years. However, this has created additional issues for taxpayers and their preparers in determining where and when they have nexus in a state that would require them to file either state income tax or

sales tax returns. Including the latest developments regarding the Wayfair decision, this course will equip you with knowledge of not only the various ways that states define and enforce nexus but also how to determine when your company or client has nexus in a state, thus requiring the filing of tax returns. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 16 $30 AICPA member discount Level of knowledge: Intermediate CPE credit: 8 credits Developed by: AICPA Nov. 6 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Estate & Life Planning Issues for the Middle-Income Client (PMIC) Scott Emerson, EA, Consultant, Surgent McCoy CPE, LLC

Clients think that estate planning applies only to the very rich. In truth, there are many issues of critical concern for which the middle-income client needs to plan. This course is geared toward any CPA who works with middleincome clients and is looking for ways to provide additional quality services. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 6 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Nov. 16 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Buying & Selling a Business: Critical Tax & Structuring Issues (SELL) Robert M. Gilwee Jr., CPA, MS, Partner, Grandizio, Wilkins, Little & Matthews, LLP

One of the major transactions CPA clients enter into is the purchase or disposition of a business. To help tax professionals advise those clients, this course offers a comprehensive analysis of the business and tax aspects of buying and selling a business. It is a practical guide to help practitioners and industry CPAs understand structuring techniques. All CPAs, including controllers and executives in industry, should understand how difficult the process of buying and selling a business has become. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 16 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Nov. 17 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Real Estate Tax Boot Camp (RETC) William I. Eskin, CPA, Owner, WIE, Inc. Take a deep dive into all things related to real estate tax for the mid-level practitioner moving into this complex area. Deepen your understanding of the complex considerations and strategies that individuals must navigate in acquiring, holding, managing, constructing and disposing of real estate. After discussing in detail the impact the Tax Cuts and Jobs Act has had on the real estate industry, you will leave the course able to navigate critical issues associated with the relevant returns and plan strategically for your company or clients. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 17 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

wicpa.org/CPEcatalog

Nov. 19 | Open noon Program 12:30 – 4 p.m. Required Minimum Distributions: Compliance & Planning (RMD4) Edward A. Harter, CPA, Sole Practitioner, Edward A. Harter, CPA

Registration: $179 member | $229 nonmember $155 retired, part-time, unemployed/ leave-of-absence Level of knowledge: Intermediate CPE credit: 4 credits Developed by: Surgent McCoy CPE, LLC Dec. 1 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Social Security & Medicare: Planning for You & Your Clients (SSRB) Douglas P. Stives, CPA, MBA, Professor of Accounting, Monmouth University

Dec. 2 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. The Complete Trust Workshop (TCTW) Scott Emerson, EA, Consultant, Surgent McCoy CPE, LLC

The use of trusts will continue to undergo changes in the current year. Clients need to be informed about why planning is essential in these changing times. The purpose of this course is to explore the many beneficial issues of trusts, an essential element in estate planning. This course gives insights and practical pointers concerning trusts of every shape and size after tax reform. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 2 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Dec. 7 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Tax Advisors Update (PTU) Terri Lillesand, CPA, Principal, CLA Recent tax developments and legislative changes affect this season’s return filings and influence the planning landscape. Learn how to handle the latest tax legislation affecting your business and individual clients, including all of the coronavirus-related bills and tax reform. Explore ways to enhance taxpayer cash flow, and come away with tax planning strategies for your clients. NOTE: This program is approved for 7.5 CLE credits

ATTENTION! THE CURRENT CPE REPORTING PERIOD ENDS DEC. 31, 2021 Reporting Period: Jan. 1, 2020 – Dec. 31, 2021 CPE Requirement: 80 total CPE credits Ethics Requirement: 3 Ethics CPE credits

Visit wicpa.org/CPErequirements for updated information about CPE requirements.

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$289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 1 Level of knowledge: Beginning CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC

Seminars l Taxation

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 7 Level of knowledge: Update CPE credit: 8 credits Developed by: CLA Dec. 15 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. 66 The Bottom Line | 2 0 2 0 E d i t i o n

Handbook for Mastering Basis, Distributions & Loss Limitation Issues for S Corporations, LLCs & Partnerships (HMBI) Charles Borek, CPA, MBA, JD, CEO, Borek Group, LLC

When dealing with flow-through business entities, the most difficult concepts to master are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules to help reduce and avoid exposure to malpractice. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 15 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Dec. 16 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Federal Tax Update (BFTU) Charles Borek, CPA, MBA, JD, CEO, Borek Group, LLC

We now have the benefit of a couple tax seasons having passed by since the issuance of tax reform legislation. In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major

trends on the horizon, with a view toward planning after implementation of the Tax Cuts and Jobs Act. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 16 Level of knowledge: Update CPE credit: 8 credits Developed by: Surgent McCoy CPE, LLC Dec. 18 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Reviewing Pass-Through Tax Returns: What Are You Missing? (RPTR) William F. Taylor, CPA, President, Benefit Solutions, LTD

Sharpen your skills by examining case studies and discussing the common errors practitioners make on passthrough tax returns that are often missed by review staff. Review issues in which additional information from the client may be warranted and areas of tax law in which proper treatment requires additional analysis and information. Both Partnership and S Corporation returns will be covered, as well as the latest IRS guidance on important tax reform issues, to bring your expertise up-to-date. Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Nov. 18 $30 AICPA member discount Level of knowledge: Intermediate CPE credit: 8 credits Developed by: AICPA

Seminars l Technology

TECHNOLOGY Nov. 2 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Advanced Excel Data Magic: Managing, Analyzing & Reporting (ADM) Lawrence A. McClelland, CPA, MBA, JD, Associate, K2 Enterprises

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 2 Level of knowledge: Advanced CPE credit: 8 credits Developed by: K2 Enterprises

Registration: $339 member | $439 nonmember $289 retired, part-time, unemployed/ leave-of-absence $50 early bird discount if registered and paid by Oct. 3 Level of knowledge: Intermediate CPE credit: 8 credits Developed by: K2 Enterprises

PLUS:

$50 OFF Conferences and

$50 OFF Seminars

Applies to programs over 8 hours.

Nov. 3 | Open 8 a.m. Program 8:30 a.m. – 4 p.m. Case Studies in Fraud & Technology Controls (CFT) Lawrence A. McClelland, CPA, MBA, JD, Associate, K2 Enterprises Rampant fraud continues to plague businesses, and technology control failures are a large reason for it. Using

wicpa.org/CPEcatalog See specific event registration for details, or call and ask for the WICPA CPE Department at 262-785-0445.

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With tools such as Data Models, Power Query and Power Pivot, today’s versions of Excel offer unparalleled opportunities to move beyond traditional reporting techniques. This course will help you advance your reporting processes and minimize your dependence on formulas. We’ll learn about the importance of creating Data Models to facilitate your financial reporting processes and how you can use Power Pivot to assist in summarizing your data quickly and easily into compelling and interactive statements. You will also learn how to use Excel’s Power Query feature to both link and transform data from external data sources, such as your accounting or ERP system, to Excel so you can use this data in your reports.

a case study approach, learn about the pervasiveness of fraud, the control failures that contribute to it and what you can do to mitigate fraud risk. A specific focus will be on the application of information technology general controls and application controls and examining numerous reported fraud cases to identify the control failures that contributed to each. You will be in a better position to reduce fraud risk after learning from these real-world case studies.

CPE Requirements

CPE REQUIREMENTS What are the CPE membership requirements? a) A minimum of 20 CPE credits annually. b) 80 CPE credits during each 2-year reporting period, including 3 ethics credits and at least 40 credits from formal learning activities. 68 The Bottom Line | 2 0 2 0 E d i t i o n

What is the current CPE compliance period? Jan. 1, 2020 – Dec. 31, 2021 What is the ethics requirement? A minimum of 3 ethics credits must be completed during each 2-year compliance period. Ethics credits must be obtained through a formal CPE activity that includes verification of participation. What counts as ethics to meet the requirement? The type of information that may be covered in a formal, creditable ethics presentation includes but is not limited to the following: • Wisconsin CPA regulatory ethics • AICPA professional ethics standards • Other regulatory ethics concepts, such as tax or securities ethical requirements • Situational or behavioral ethics relating to business decisions and communications that are not the subject of regulations or professional standards I joined in the middle of the year; do I still need to complete the full CPE requirement? The CPE requirement for new members who join in the first year of the compliance period is reduced by one-half of the total credits for the compliance period. However, members

must complete a minimum of 40 credits the following year (year two of the compliance period), including 3 ethics credits. New members who join in the second year of the compliance period are exempt from the total credit requirement for the compliance period. Do I need to comply with the CPE membership requirement if I am a student, a part-time employee, unemployed or retired? • Student members do not need to comply with the CPE membership requirement until they move to Affiliate or CPA status.

period, regardless of whether a CPA’s license has not been renewed. All CPA certificate holders are also required to complete the membership requirements for continuing education. Can I still use “CPA” if I don’t renew my license? If a CPA license is not renewed with DSPS, you must identify yourself as a “CPA inactive certificate holder.” What learning activities count toward CPE? Acceptable formats for formal and informal learning activities include the following:

• Part-time and unemployed members are required to meet the CPE membership requirement.

• Attending, listening to or presenting in-person and online lectures

• Retired members (working fewer than 1,000 hours per year) who are not licensed CPAs are not required to meet the CPE membership requirement.

• Participating in online webinars and webcasts • Completing self-study courses developed by a vendor • Researching a course

Is CPE required to renew a Wisconsin CPA license with the Wisconsin Department of Safety and Professional Services (DSPS)?

• Performing independent research

Yes. Beginning with December 2021 license renewal, all licensed CPAs and those who practice as a CPA must complete CPE requirements.

• Reading books and articles

Are the WICPA membership CPE requirements the same as those of DSPS? Yes. In addition, WICPA membership CPE requirements include all CPA certificate holders (licensed or inactive) and Affiliate members. What if I’m a CPA and don’t renew my CPA license with DSPS? WICPA membership requires continuing education for each compliance

• Listening to podcasts • Watching videos • Attending meetings and serving on boards, committees and task forces • Engaging in learning activities that enhance professional growth and competence Are CPE activities or providers required to be approved or accredited? No, neither CPE activities nor providers are required to be approved or accredited by the WICPA or any other organization.

What are the requirements for formal learning activities? A formal learning activity must meet all the following requirements: 1. Participation can be objectively confirmed by a program sponsor. 2. Materials are provided, describing the activity and specifying the subject matter, prerequisites, advance preparation, format and number of credits awarded.

What are the requirements for informal learning activities? Informal learning activities must document the following: 1. The format of the activity 2. The date(s) on which the learning activity was performed and completed 3. The subject matter of the activity 4. The number of CPE credits claimed for participating in the activity 5. The materials prepared or used by the participant in conjunction with the activity, which may include any of the following: • The title and author of a book the member read • A copy of an article the member read or the title of the article and the name of the publication in which the article appeared • Minutes from a meeting the member attended • A program outline or handouts from an activity the member attended • A link to reading, video, audio or any other online learning materials or activities the member performed or completed

At least half of required CPE credits must be completed through formal CPE activities. All credits can be acquired through formal learning if desired. Ethics credits must be obtained through a formal CPE activity that includes verification of participation. How do I calculate CPE credits? Many formal CPE activities already have a predetermined number of credits requiring no additional calculation. Time-based CPE activities must be recorded using a minimum of 5-minute increments; 50 minutes is equivalent to 1 CPE credit. However, in situations such as attending a college course or program not assigned with a CPE credit value, the following formulas can be used for calculating the number of CPE credits: • 1 credit semester-long courses = 15 CPE credits • 1 credit quarter-long courses = 10 CPE credits • 1 Continuing Education Unit (CEU) = 10 CPE credits Note: Time spent studying or taking an exam does not qualify for CPE credit. Additionally, the number of CPE credits that may be claimed by an instructor, discussion leader or speaker for preparation and presentation of a CPE learning activity may not exceed three times the number of credits awarded to individuals attending or participating in the activity. For repeat presentations, CPE credit can be claimed only if it can be demonstrated that the learning activity content was substantially changed and such change required significant additional study or research.

How do I calculate CPE credits for informal activities? For informal learning activities, rather than developing granular rules specifying CPE computation formulas to estimate competency enhancement achieved from every type of learning activity, the WICPA board of directors decided to adopt a principles-based approach, which requires each member to apply professional judgment in computing CPE credits for learning activities. What are the recordkeeping and reporting requirements? Each member must keep records of CPE credits they earned. Members should maintain detailed supporting records for a period of five years following the completion of the learning activity for all CPE credits completed. Ultimately, the CPE credit claimed is the responsibility of the individual member. Each member may claim credit only for the learning activities he or she fully completed that increased his or her professional competence. How should members report their CPE credits? By paying dues, members are verifying their agreement with the following: 1. CPE requirements have been met. 2. Records and documents that support the CPE compliance have been maintained. 3. Records and documents may be audited. 4. Misrepresenting CPE compliance may result in publication of noncompliance and misrepresentation as well as classification as a “member not in good standing.” It may also result in termination of WICPA membership as well as reporting of misrepresentation to licensing authorities as an “act discreditable

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3. The program sponsor or presenter has education and experience appropriate for the activity to enhance the competency of participants.

Can I meet my CPE requirement with 100% formal or 100% informal credits?

CPE Requirements

to the profession,” which could result in revocation of CPA certificate and license.

period — be used to satisfy the CPE requirements for either 12-month period of that compliance period?

Military Service The request should include the principal duties performed, where the member was stationed and the reason military service prohibited fulfilling the CPE requirement.

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Members are encouraged to use the WICPA’s online CPE Tracker to record both formal and informal CPE activities since this will simplify the process of recording. Additionally, formal learning activities obtained through the WICPA will be added automatically. Certain qualifying informal activities (such as committee attendance and board service) also will be added automatically.

Yes. CPE credits that are carried forward or carried back maybe used to satisfy the CPE requirement for either 12-month period of the compliance period to which the carryback or carryforward occurs, provided the same credits are not used to satisfy the requirements of both 12-month periods.

May I carry forward CPE credits?

Can I request a waiver for my CPE requirements?

How does this compare to the AICPA and other licensing jurisdiction requirements for CPE?

NonCPA and nonlicensed CPA members may request a waiver from the WICPA if they have been prohibited from fulfilling the CPE requirements. Requests must be submitted in writing to the CEO of the WICPA and will be reviewed on a case-by-case basis. The WICPA CEO may waive all or a portion of the CPE credits required if exceptional circumstances have prevented the member from meeting the requirements.

The updated WICPA CPE membership requirements described here are not the same as AICPA CPE membership requirements, Yellow Book CPE requirements, Peer Review CPE requirements or the CPE requirements of CPA licensing jurisdictions outside Wisconsin that continue to apply the 1970s learning models that generally require 50-minute CPE time increments as well as lecture-based formal learning activities.

All licensed CPA members must request a waiver from DSPS and provide documentation of the waiver determination to the WICPA in order for the WICPA to also waive CPE credits.

In addition, each of the 55 U.S. CPA licensing jurisdictions has its own unique CPE requirements. The only similarity among the jurisdictions is that they all reference the general CPE requirement of 40 CPE credits per year (although reporting periods vary from 1 to 3 years), and one CPE credit earned for 50 minutes of timebased learning activities. In addition, CPAs performing attest services or government audits may be subject to separate Peer Review or Yellow Book CPE requirements.

A maximum of 40 CPE credits that exceed the minimum number of credits required to satisfy the requirement in the earlier compliance period may be carried forward from one compliance period to the next consecutive compliance period. The credits carried forward can consist of any combination of formal or informal credits. Up to 3 ethics credits that exceeded the earlier compliance period ethics requirement may be carried forward to satisfy the compliance period to which they are carried over. May I carry back CPE credits? Credits earned during the first 12 months of a compliance period can be carried back to the immediately preceding compliance period to the extent necessary to satisfy the CPE requirements for such preceding period, provided the credits carried back are not used to satisfy the requirement for more than one compliance period. May CPE credits carried forward to the next consecutive compliance period — or CPE credits earned during the first 12 months of a compliance period carried back to the immediately preceding compliance

What are acceptable reasons to request a waiver? Foreign Residency The request should include the country of residence, the name of the employer, the member’s principal duties and responsibilities, and the reasons foreign residency prohibited fulfilling the CPE requirement. Health The request should include the nature of the illness or disability and the reason the illness or disability prohibited fulfilling the CPE requirement.

Other Similar Reasons The request should include the nature of the hardship and the reason it prohibited fulfilling the CPE requirement.

Is the WICPA a registered sponsor with the IRS to receive credit related to PTIN (enrolled agents)? No, the WICPA is not an approved sponsor for CPE for enrolled agents.

CPE Registration FAQs

REGISTRATION FAQS How do I register for a continuing professional education program? There are three easy ways to register: by fax, mail or online. An email address, phone number and full payment must accompany all registrations. American Express, Discover, MasterCard and Visa are accepted.

•

Download a printable form: Fax to: 262-785-0838 Mail to: WICPA W233N2080 Ridgeview Parkway, Suite 201 Waukesha, WI 53188

Is there any advantage to registering early? Yes! Most seminars are limited in size and registering early will guarantee you the seminars of your choice. Also, the WICPA can avoid having to cancel a course due to insufficient early registrations. Plus, there are early bird discounts! How does the early bird discount work? To receive the early bird pricing of $50 off seminars and $50 off conferences, each seminar or conference must be registered for — or postmarked and paid for — by the early bird advertised date. Please see individual programs for the early bird date. The early bird discount applies only to full-day seminars and conferences. Do I receive other benefits on registration fees as a WICPA member? Yes! WICPA members can receive additional registration discounts of up to $100, while nonmembers pay a higher registration fee. Additional

What happens if I have to cancel my registration? For a full refund, the WICPA CPE Department must receive a notification of cancellation or a request to transfer to a different program at least 14 days before the program date. Cancellations or program transfer requests received between 13 and 7 days prior to the presentation date will be subject to a cancellation fee of 50% per person, per program. No refund or program transfer request will be granted for cancellations made less than 7 days prior to the program. Substitute registrants are allowed. No refund or program transfer request will be granted if electronic materials provided for the program you are canceling have already been downloaded. Can I send a substitute? Yes. A registration can be transferred to another person if you are unable to attend a program. CPE credit will be given to the person who attends the program. Substitutions may be handled by contacting the WICPA CPE Department or at registration on the day of the program. What happens if the WICPA cancels a program? If a program is cancelled fewer than 14 days prior to the presentation date, registrants will receive a full refund and will be notified directly by email and receive a follow-up notification by phone. Early registration can help prevent the WICPA from canceling a program. NOTE: The WICPA is not responsible for any personal expenses incurred if a program is canceled.

71 The Bottom Line | 2 0 2 0 E d i t i o n

• Search the catalog and register online using our secure website: wicpa.org/CPEcatalog

discounts on several courses are available for retired, part-time and unemployed members.

The Bottom Line | 2 0 2 0 E d i t i o n

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The CPE publication for accounting and business professionals

Wisconsin Institute of Certified Public Accountants W233N2080 Ridgeview Parkway, Suite 201 Waukesha, WI 53188 wicpa.org

ATTENTION! THE CURRENT CPE REPORTING PERIOD ENDS DEC. 31, 2021 Reporting Period: Jan. 1, 2020 â&#x20AC;&#x201C; Dec. 31, 2021 CPE Requirement: 80 total CPE credits Ethics Requirement: 3 Ethics CPE credits

Visit wicpa.org/CPErequirements for updated information about CPE requirements.

PAID

Milwaukee, WI Permit No. 5845

2020-2021 CPE Calendar LIVESTREAM PROGRAMS DATE

TITLE

ACRONYM

Sept. 9

Cybersecurity & the Modern Workplace

BP0909LS

Sept. 10

Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

CL4INRR

Sept. 10

The Bottom Line on the New Lease Accounting Requirements

CL4LEAS

Sept. 16

How Employers Can Support the Current Movement

DS0916LS

Sept. 17

A Complete Guide to the New Yellow Book

CGYB

Sept. 21

Real-World Fraud Found in Governments & Not-for-Profits

RFGN

Sept. 22

Farm Tax Update Part I: CARES Act, TCJA & Other Tax Changes

WMFTR1B 4

Sept. 24

S Corporation, Limited Liability & Partnership Update for Practitioners

BCPE

Sept. 24

Farm Tax Update Part II: Agricultural Subsidies, Disaster Relief Payments, Disaster Loss Election & Other Agricultural Tax Topics

WMFTR2B 4

Sept. 25

Employment Law Updates for Independent Contractors: Classifications, Use of Nonsolici- BP0925LS tation Agreements & I-9 Employment Eligibility Verification

Sept. 29

Section 199A: Applications & Challenges

AIG4

Sept. 29

Section 199A: Schedule K-1 Reporting by Relevant Pass-Through Entities

PRK4

Sept. 30

Creating a Diverse Workforce

DS0930LS

Oct. 2

Latest Developments in Government and Nonprofit Accounting & Auditing

GNAA

Oct. 7

COVID-19: Working Through the Pandemic

BP1007LS

Oct. 8

U.S. GAAP: Review for Business & Industry

FASBI

Oct. 13

Not-for-Profit Financial Reporting: Mastering the Unique Requirements

NFPF

Oct. 14

Training Employees on Preventing Bias & Discrimination

DS1014LS

Oct. 16

Compilations, Reviews & Preparations: Engagement Performance & Annual Update

CRAU

Oct. 20

Tax Planning for Small Businesses

TPSC

Oct. 21

Financial Statement Disclosures: A Guide for Small & Medium-Sized Businesses

GSM4

Oct. 21

Topic 606: Tackling the Year Two Post-Implementation Issues

TYR4

Oct. 22

Advanced Taxation: LLCs & Partnerships

APL

Oct. 23

The Evolving Workspace

BP1023LS

Oct. 26

Individual Tax Planning Ideas

ITP4

Oct. 26

Guide to Payroll Taxes &1099 Issues

GPT4

Oct. 27

Fiduciary Income Tax Returns: Form 1041 Workship With Filled-In Forms

1041

Oct. 28

How Diversity Can Help With Recruiting & Retention

DS1028LS

Oct. 29