GLS and Peters

Are you looking to learn about both tax and accounting implications of recent standard changes?

 

In most CPE classes, you’re either on the tax side, or the GAAP side. Galasso Learning Solutions and Peters Professional Education have partnered to create a new concept that will give people the opportunity to dive into both of these subject areas without having to take separate classes.

Introducing Both Sides of the Coin, a new series that will cover both the accounting and tax implications of some major standard changes as well as some tax code changes. This series dives into timely topics, focusing on what you need to know and what are the key considerations. 

David Peters

David Peters is a tax accountant, financial advisor, and professional educator. He has over fifteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan.

 

Both Sides of the Coin

Melisa Galasso

Melisa Galasso is a CPA with nearly 20 years of experience in the accounting profession. Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia.

Courses Available

These on-demand course offerings are available for upload to your LMS. Get in touch with us to find out how to add these courses to your CPE catalog today.

Individual CPAs can take these courses through one of our partner sites by clicking the link below.

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Accounting & Tax for Cloud Computing

Course Description:

Cloud computing has become a buzz word in the technology world as entities small and large have been moving to the cloud. Work from home expansion under COVID-19 further showed the need to access information and tools without being in the office. As a result, cloud computing has been a topic of regulators from both the tax and GAAP side. FASB has issued two standards addressing the accounting for the monthly or annual hosting fee as well as initial upfront costs. On the tax side, the IRS has issued proposed regulations on the treatment of cloud-based transactions. We will also look at the impact of sourcing on taxes. This course will keep you up to date with what’s going on in the world of cloud computing from a financial reporting and tax perspective.

Upon completion of this course participants will be able to:

  • Identify changes to accounting for cloud computing arrangements
  • Recognize the rules for capitalization for GAAP purposes
  • Describe how sourcing of taxable income has changed under proposed Regulation 1.861
  • Recognize the tax implications of cloud computing

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with GAAP or Tax
  • Who Should Attend | Accountants in public practice or industry who deal with cloud computing
  • Advanced Preparation | None
  • Program Level | Update
Accounting & Tax Implications of Accounting Changes & Errors

Course Description:

This course will examine both the accounting and tax implications of accounting changes and errors. FASB provides different guidance depending on the type of accounting change. We will explore the major types of accounting changes including change in estimate, change in accounting principles, and change in reporting entity. We also discuss the correction of an error. The course then changes focus to examine how accounting changes and errors impact taxes including a review of the Form 3115. You’ll leave this course with an understanding of how to properly account for errors and changes for both tax and GAAP.

Upon completion of this course participants will be able to:

  • List some of the instances where estimates may be used for tax purposes.
  • Identify how the treatment of an error and the treatment of an accounting change differ on the tax return.
  • Describe the key characteristics of automatic changes on Form 3115.
  • Identify the type of accounting change for a transaction
  • Describe the accounting for accounting changes

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with accounting changes
  • Who Should Attend | Accountants in public practice or industry
  • Advanced Preparation | None
  • Program Level | Update
Accounting & Tax Implications of Credit Losses

Course Description:

The financial instruments project was one of the major convergence projects that the FASB worked on with the IASB. Unfortunately, that project ultimately did not lead to convergence. This course will address the major changes to the calculation of credit loss for financial assets including the models for available for sale and amortized cost. Then we’ll look at the impact of the accounting change on taxes and what the key requirements are under the IRS rules for uncollectible assets. Attendees will leave with a solid understanding of the accounting and auditing issues.

Upon completion of this course participants will be able to:

  • Recognize changes to financial reporting for ASU 2016-13 as amended
  • Recall when a credit loss becomes deductible
  • Identify when a loss becomes worthless for tax purposes

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | None
  • Who Should Attend | Accountants in public practice or industry
  • Advanced Preparation | None
  • Program Level | Basic
Accounting & Tax Implications of Goodwill

Course Description:

Goodwill is a hot topic for both GAAP and tax purposes. On the financial reporting side, FASB has been wrestling with how goodwill, once recognized, comes off the balance sheet. FASB is now offering amortization for private entities and nonprofits in lieu of goodwill impairment testing. We expect future standard setting for all entities in the near future. On the tax side, the sticking point is related to how much goodwill should be recognized at purchase and how the purchase price is allocated between assets. This course will cover these topics and more as it explores both the accounting and tax implications goodwill.

Upon completion of this course participants will be able to:

  • Recognize how the tax basis of Goodwill is assigned in an acquisition using the residual method
  • Identify the purpose of Form 8594 and when it should be filed
  • Discern when personal goodwill should be allocated to a corporate shareholder
  • Identify private company and nonprofit alternatives to goodwill impairment testing
  • Recognize recent changes to goodwill impairment testing

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with GAAS
  • Who Should Attend | Those seeking to understand the accounting and taxation implications of goodwill
  • Advanced Preparation | None
  • Program Level | Update
Accounting & Tax Implications of Virtual Currency

Course Description:

Virtual currency is a hot topic for both accounting and tax purposes. This course will take a look at the accounting issues being raised as well as the recommendations from an AICPA task force. The FASB itself has not yet weighed into the accounting for digital assets or crypto currency so the AICPA has provided nonauthoritative guidance to assist preparers and auditors, which you should understand. Then we will switch gears and address some of the tax issues. Similarly, virtual currency is an emerging area from a tax perspective. At this end of this course, attendees will have a strong understanding of the nuances of digital currency from both perspectives.

Upon completion of this course participants will be able to:

  • Identify situations where a tax gain/loss on virtual currency is recognized
  • Describe how basis is calculated on virtual currency
  • Recall nonauthoritative guidance to account for virtual currency

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | None
  • Who Should Attend | Accountants in public practice or industry
  • Advanced Preparation | None
  • Program Level | Basic
Executive Overview of Leases (Topic 842): Exploring Both the Accounting & Tax Implications

Course Description:

This course offers an overview of the new leases standard, which requires organizations to recognize lease assets and liabilities on the balance sheet.  From an accounting perspective, this course will cover the recognition of a lease using a principles-based approach, finance versus operating classification, and the impact on financial statements for both lessees and lessors. Flipping to taxation, this course explores temporary differences created by deferred tax liabilities and assets, as well as the next steps for corporate tax departments.

Upon completion of this course participants will be able to:

  • Determine if a contract contains a lease
  • Classify a lease as operating or finance
  • Describe the impact of a lease on financial statements
  • Recognize the tax implications of the new lease standards

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with financial reporting or business taxation
  • Who Should Attend | Those seeking to understand how both the Accounting and Taxation of Leases has been impacted by recent changes
  • Advanced Preparation | None
  • Program Level | Update
Executive Overview of Repatriation of Foreign Earnings: Exploring Both the Accounting & Tax Implications

Course Description:

Worldwide taxation? Water’s edge? Repatriation? The world changed a lot after the Tax Cuts and Jobs Act. In this edition of Both Sides of the Coin, we explore the new world of foreign earnings! Melisa and Dave discuss the impact of the one-time tax on overseas earnings, the foreign tax credit, and how overseas operations will change. They then tackle the biggest mystery of all–how in the world is the FASB going to deal with all these things? What is GAAP for foreign earnings in light of the TCJA? Every accounting issue has two important aspects, GAAP and tax implications. To really understand it, we need to look at Both Sides of the Coin!

Upon completion of this course participants will be able to:

  • Describe the tax implications of foreign earnings repatriated into the United States
  • Identify the impact of changes to the foreign tax credit
  • List the financial and tax effects of the one-time transition tax

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with financial reporting or business taxation
  • Who Should Attend | Those seeking to understand how both the accounting and taxation of foreign earnings has changed in a light of the Tax Cuts & Jobs Acts
  • Advanced Preparation | None
  • Program Level | Update
Executive Overview of Revenue Recognition (Topic 606): Exploring Both the Accounting & Tax Implications

Course Description:

ASU 2014-09, as amended, changes how all entities recognize and disclose revenue transactions. This course will provide an overview of the new principles-based, five-step revenue recognition process.  It will then explore some of the implementation issues and lessons learned during implementation.  Flipping to taxation, this course explores the Tax Cuts and Jobs Act, its $25M rule, IRC § 451, and what it all means for businesses.

Upon completion of this course participants will be able to:

  • List the five steps in Topic 606
  • Identify common transition issues
  • Describe the tax implications of revenue recognition

CPE Accreditation:

  • Recommended Hours of CPE | 1.5 Hours
  • Field of Study | Accounting 1, Tax 0.5
  • Prerequisites | Prior experience with financial reporting or business taxation
  • Who Should Attend | Those seeking to understand how both the accounting and taxation of revenue has been impacted by recent changes
  • Advanced Preparation | None
  • Program Level | Update
PPP Loans & Loan Forgiveness

Course Description:

When COVID-19 struck the United States, Congress Acted quickly to support small businesses by creating the Paycheck Protection Program (PPP). While the support was provided quickly the guidance to properly account for the funds was slow to come and the tax implications continued to be a moving target. This course will cover the best practices in accounting for these funds as well as the tax implications on a topic that is hot for 2020.

Upon completion of this course participants will be able to:

  • Describe the basic qualifications for a PPP loan
  • Identify which expenses are eligible for loan forgiveness under the PPP program
  • Recognize options for accounting for PPP loans

CPE Accreditation:

  • Recommended Hours of CPE | 1 Hour
  • Field of Study | Accounting 0.5, Tax 0.5
  • Prerequisites | Prior experience with US GAAP
  • Who Should Attend | Those seeking to understand the accounting and taxation implications of PPP funds
  • Advanced Preparation | None
  • Program Level | Update

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