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...
- Analyze common audit deficiencies
- Identify proper methods of performing risk assessment and documentation
- Recall best practices for auditing estimates
- Recognize changes to auditing standards for estimates and risk assessment
Major Topics
The major topics that will be covered in this course include:
- A look at the GASB standards that are effective this year.
- GASB 100, Accounting Changes and Error Corrections.
- GASB 101, Compensated Absences.
- The impact of the 2024 Compliance Supplement on Single Audits.
- Changes to the Uniform Guidance.
- Common deficiencies found in Single Audits.
