CPAxPACK: Unlock Power BI with Comprehensive Data Analysis

After attending this presentation, you will be able to...

• Identify key features of Copilot in Excel and their applications in data analysis.

• Distinguish between traditional Excel workflows and AI-enhanced capabilities.

• Design effective prompts to extract meaningful, context-rich responses from AI in financial contexts.

• Identify strategies to overcome AI’s "lazy" response defaults and elicit deeper analysis.

• Recognize the nature of generative AI and how it can be applied in the world of CPAs

• Recall key concepts and terminology associated with this rapidly evolving technology

• Recognize specific ways to leverage AI technology in your 1040 tax preparation serves.

• Identify specific AI tools that can be leveraged to automate and enhance 1040 tax preparation services.

• Identify basic constructs of AI.

• Distinguish between discriminative and generative artificial intelligence

• The major topics that will be covered in this course include:

  Course 1: Basic Individual Taxation Course 

  CPE: 2 

  Description: Please join us for an introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed.

  Discussion Leader: Allison M. McLeod, LL.M., CPA

  Course 2: Income Tax Analysis: Exploring In-Depth Concepts

  CPE: 2

  Description: Financial statements prepared for stockholders and external users follow Generally Accepted Accounting Principles (GAAP), while tax returns adhere to the Internal Revenue Code (IRC). These frameworks differ in recognizing profitability, influencing reported income significantly. Companies often aim to minimize taxable income within legal bounds, while maintaining compliance with both financial reporting and tax regulations.

• Timing Differences: Variations in income recognition and deductible expenses between GAAP and IRC create timing differences, impacting reported profitability and tax liabilities.
• Deferred Tax Assets: Companies accrue deferred tax assets from overpaid taxes or carried-forward credits, which can offset future taxable income, reducing tax liabilities.
• Deferred Tax Liabilities: When taxable income is less than reported income, deferred tax liabilities arise, necessitating future tax payments when temporary differences reverse. Join us to delve into these concepts, exploring how financial reporting choices and tax strategies shape a company's financial performance and compliance obligations.

  Discussion Leader: Eric Knight

  Course 3: Behind the Curtain: Exploring IRS Audit Technique Guides

  CPE: 2

  Description: Have you ever considered a tax audit from the perspective of an IRS examiner? This session explains how you can use IRS Audit Technique Guides (ATGs) to enhance tax compliance. You will obtain a glimpse of the audit process from the viewpoint of an IRS agent as we explore insights that the IRS provides to its own examiners.

  Discussion Leader: Dr. Christopher J. Harper, CPA, MBA

  Course 4: Learning to Teach "Tax" as a Second Language

  CPE: 2

  Description: Sometimes the vernacular of accounting seems more challenging than technical aspects. This session offers suggestions for translating the foreign language of taxation into tangible terms for non-accountants. We explore techniques for simplifying the complexity of taxation terminology. This course will equip you with tools for demystifying tax technicalities so you can help clients and other non-tax professionals grasp fundamental concepts.

  Discussion Leader: Dr. Christopher J. Harper, CPA, MBA

  Course 5: 1040 Tax Prep Automation with AI Tools

  CPE: 2

  Description: There has never been a greater opportunity to leverage technology tools to automate various aspects of 1040 tax preparation. This course will provide specific examples of how you can use AI (artificial intelligence) based tools to complement your core 1040 tax prep software. You will learn how to leverage AI to automate the collection and organization of client source documents, enhance the engagement management process and add value to your 1040 service through AI enhanced 1040 advisory services. This course will separate the hype from reality about AI and how it can be used in 1040 tax preparation.

  Discussion Leader: John Higgins

  Course 6: Tax Implications of Retirement Plan Distributions: What You Need to Know

  CPE: 2

  Description: This session will address the complex rules of retirement distributions, review key provisions of the SECURE Act 2.0, and provide practical strategies of maximizing tax benefits for your client.

  Discussion Leader: Steve Dilley

  Course 7: Schedule C of Form 1040

  CPE: 2

  Description: Many self-employed or sole proprietors find themselves having to navigate Schedule C in reporting business income. While this attachment to Form 1040 seems straightforward on the surface, there are many traps for the unwary.

  Discussion Leader: Allison M. McLeod, LL.M., CPA