Between 2010 and 2020 a parade of Court Cases, IRS Factsheets, Job Aids and Internal Memos, plus Heightened IRS scrutiny and Preparer Penalties has brought the issue of 'Reasonable Compensation for S Corp's out of the shadows and placed it forefront as a priority issue for CPA's, EA's, Tax and Financial advisors to cover with their clients. We will explore key court cases, IRS guidelines, preparer penalties and some of the obscure tools the IRS has put in place. We debunk common myths and fiction on how reasonable compensation should be calculated and replace it with facts and methodologies that the IRS relies on. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Recall the impact of GASB 100 and 101 on financial reporting for governments.
- Recall the impact of standards effective in 2024.
- Identify changes to single audits as a result of the 2024 Compliance Supplement.
- Recall common deficiencies found related to Single Audits.
- Recognize changes to the Uniform Guidance.
Major Topics
The major topics that will be covered in this course include:
- Review common deficiencies identified by the AICPA and state boards of accountancy.
- Feature discussion on a variety of topics, including analytical procedures, sampling, group audits and risk assessment.
- Review of the areas of concern and how you can overcome them by employing best practices.
