Fraud’s Changing Profile & Impacts for Small Business

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This program is geared to assisting small firm practitioners in becoming Future Ready, which our daily schedules do not often allow for. We link you to the issues confronting today’s small firm practitioners as we all strive to be future-ready. First day:

Top Concerns and Beyond

As a practitioner, you are acutely aware of the most pressing issues affecting you and your colleagues in Michigan and around the country. These subjects have been covered in the Small Firm Connections Feedback Forum and the Michigan MAP Survey, but what about the ones that are climbing to the top of the priority list? Carl Peterson examines what is to come.

Carl Peterson, CPA, CGMA – AICPA, Durham, NC VP – Small Firm Interests – Public Accounting

Economic Nexus Additive

Don’t be misled: economic nexus does not replace physical nexus; rather, it augments it. It is difficult to define economic nexus tax regulations since many jurisdictions differ significantly in how they report sales thresholds, what defines taxable sales, and what indicates physical presence.

As a practitioner with multi-state clients, assess taxable and non-taxable obligations and decide whether economic nexus criteria are threatened.

Aranowski & Company, South Bend, IN, Shawn Flattery, CPA

Going Global: The Tax Story of a Sole(ly) Practitioner

Settle in as we weave a worldwide story about the lone practitioner, changing client requirements, and tax developments that may catch our heroes off guard. If you’re not up to speed on the new international tax regulations enacted as part of tax reform or other recent changes impacting multinational taxpayers, this will fill in the blanks and assist you in identifying and avoiding any adverse tax implications.

Rehmann, Troy’s Alexander M. August, CPA – Principal – Tax

Sejla Kulaglic, CPA, MST – Rehmann, Farmington Hills Tax Manager

Planning for Longevity (Retirement) – Altering, Adjusting, and Adapting

Many CPAs (and their clients) are experiencing the same fortunate problem: they are living longer lives. This necessitates a rethinking of the old retirement planning approach, as everyone wonders when to retire and how money, health care expenses, living arrangements, and new technology will affect them.

and succession must be factored into a longevity plan? Reach your objective or that of a customer, bring your questions, and reconsider the long route.

Sequoia Financial’s Chief Growth Officer is Leon LaBrecque, CPA, JD, CFP®, CFA.

Troy Group

Reducing the Stress of Estate Settlement

Finding solace for people who have just lost a loved one is a critical component of the CPA’s duty as a trusted adviser. Examine the factors to consider while settling an estate, such as insurance and financial concerns. Then, define the parameters so that you know when to involve or refer to an attorney.

Linda S. Geary, CPA, CESP – New Baltimore Partner, The Geary Group PC

Terri L. North, Shelby Charter Township, Legal Strategies, P.C.

It’s Time for Small Business Revenue Recognition!

The new revenue recognition standard (ASU 2014-09 aka ASC 606) is nearing completion. Hear the latest developments, triumphs, and concerns about how firms with revenue operate.

The additional standards are being implemented as a result of contracts with clients. Determine whether your private firm (or customer) is on pace to achieve the deadline for adoption.

Michael R. Whiting, CPA, is a Senior Manager with BDO USA LLP in Wixom, Michigan.

2019 Issues Preparation, Compilation, and Review

It’s time for comp and review upgrades, especially with SSARS revisions coming in 2019. What changes are made while executing analytical methods in review engagements? Highlights of various peer review concerns are shown, along with advice on how to avoid them.

Retired Audit Partner, Morris, Kalish + Walgren, PC, Southfield, Jeffrey A. Hartzel, CPA

Second day:

Help! I just discovered that one of my clients has not paid their payroll taxes. What happens next?

Take a deep breath. Learn about the job and responsibilities of an IRS field collection agent in the

The collection procedure and, most importantly for your client, the revenue officer’s options and remedies for dealing with noncompliant taxpayers. We go over the Trust Fund Recovery Penalty and the Special IRS Collection Rules so you may leave with options.

Venar R. Ayar, Esq. – Ayar Law, Farmington’s Principal Attorney, Master of Laws-Taxation

Taking on the Challenge: Transition Planning

Rapid change is affecting your world, having a substantial influence on the way you do business and changing customer demands. Hear how the MICPA is using innovation and creating tools to ensure you and your company are prepared for the future.

Peggy Dzierzawski, CAE – President and CEO of the Michigan Association of Certified Public Accountants, Troy

Resolving the Small Business Tax and Health Insurance Conundrum

Assist your small company and sole proprietor customers in determining which Health Reimbursement Arrangement (HRA) is best for their scenario depending on the kind of business entity, number of employees, and who will be reimbursed. The advantages of two popular plans are discussed: One-Person Sec. 105 HRA and Quality Small Employer Health Reimbursement Arrangement (QSEHRA). Discover plan features, plan methods, and tax implications.

Liam K. Healy, JD, LLM (Taxation), Kerr Russell & Weber, PLC, Detroit

David Holmes – Bingham Farms Account Executive, Altrius Benefit Consulting

Navigating Small Practitioners’ Ethical Issues

The day-to-day, practical ethics of operating a practice may appear to be second nature or a complex agility course. What action do you take if you receive a subpoena for client records, and what about the complicated conflicts of interest that come into your office? Case studies and examples guide practitioners onward.

Raymond T. Rowe, CPA, JD – Lawyer Troy attorney Raymond T. Rowe

Essential Technology for Practitioners and Their Clients

Maintaining an advantage in recruiting new customers, ensuring your practices remain safe, and, most importantly, to stay on top of technological updates may be daunting.

It is vital to make your life easy. Let’s speak about the technologies that small businesses and their clients are adopting, how to apply them, and how to deal with opposition from a client who might not be the most tech-savvy.

CPA.CITP John H. Higgins – Strategic Technology Advisor, CPA Crossings, LLC, Rochester

The Federal Tax Scene in 2019

It’s already been a hectic season and year for everyone working in or interested in tax. The IRS released final regulations for the new qualifying business deduction (Sec. 199A) of the Tax Cuts and Jobs Act, as well as three related pieces of advice, in January. Examine the

final rules, proposed modifications, and legislation, as well as a filing season recap.

Douglas J. Van Der Aa, JD – Byron Center, Self-Employed

Cyber Risk Awareness is Critical in the Absence of Immunity

According to studies, the majority of cyberattacks target small and medium-sized businesses, and more than half of these assaults result in financial losses. Determine how to secure your clients’ data, comprehend your professional responsibilities, and learn about the risk management methods required to prevent security breaches. We dissect realistic solutions ranging from reviewing existing risk management and safeguarding sensitive customer information to following up in the event of a breach.

Gregory H. Soule, CPA, CISA, CISSP, CFE – AHP, Auburn Hills Partner

The Changing Face of Fraud and Its Impact on Small Businesses

Are your clients in the small business sector vulnerable to fraud? Organizations with less than 100 workers, according to ACFE examiners, were less likely to have established procedures against

Fraud was less likely to be discovered by an internal audit. Our discussion team offers fraud control tactics and advice on how to keep your business from being abused by setting the tone at the top.

Cendrowski Corporate Advisors LLC, Bloomfield Hills, James P. Martin, CMA, CIA, CFE

**Please Note: If you want IRS credit for this IRS-approved program (6 IRS CE credits only), please download the IRS CE request form from the Course Materials Tab and email it to [email protected].

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Fundamental Course Information

Objectives of Learning

Participants will leave with the most recent technological and regulatory upgrades to assist their practice in becoming Future Ready.

Major Topics

Fraud and internal controls
Fraud risk evaluation
Cash management
Other important controls
Red flag warning

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