Maine Association of Professional Accountants

 September 2021 Gear Up Seminars

We are pleased to host two days of Gear Up Live Webinars Mondays September 20 & 27, 2021.

The seminars begin at 8am and end at 4:30pm both days.

Register Now!

Monday 9/20, ESTATES & TRUSTS: Speaker Charles Burdoin, CPA

             8 hours CPE (CPA & IRS CE) 

This course covers the purposes of the fiduciary income tax return-Form 1041. Coverage includes essential terminology of estates and trusts, the essence of a trust vs. a probate estate, simple vs. complex trusts as well as revocable vs. irrevocable trusts. Recent developments are covered. Includes an introduction to fiduciary accounting (principle vs. income). This course will address the 1041 head-on. The mysteries of “income in respect of a decedent” are plumbed. Particular attention is focused on the income distribution deduction as Form 1041 is the only place in the world of tax where this item is found. This course includes a walk through completion of Schedule B. Also, in this section we address specialized topics such as Tier 1 and 2 distributions, the separate share rule, stale trusts, terminations and special needs trusts. 

Monday 9/27, ACCOUNTING:  Speaker Stan Pollock, CPA                                  8 hours CPE (CPA)

This course provides a look at the requirements for preparation and compilation engagements performed under SSARS. While both engagements are considered non-assurance engagements, only the compilation engagement is an attest engagement. A comparison of the two engagements will be provided in order to assist the accountant in determining which is the most appropriate engagement. Review engagements have been changed as a result of the issuance of SSARS 25. This course will review the changes and provide guidance on how practice will change. Reports issued under SSARS, including compilation reports will be discussed in this course. The process of preparing financial statements is dictated by the Applicable Financial Reporting Framework selected by management. This course not only explores the basic financial statements required under United States GAAP, but also covers the impact of the use of Special Purpose Frameworks. The FASB continues to issue guidance related to the simplification project that will ease financial reporting requirements. We are also in the midst of implementing the revenue recognition and lease standards, with CECL looming. This course will address the major new FASB Standards as well as provide an overview of the recently issued auditing standards that will impact the audit report and ERISA audits.

SAVE THE DATES: GEAR UP 1040 SEMINAR: DEC. 6 & 7, 2021

 Live In Person at the Sheraton Sable Oaks, South Portland, ME

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Simulcast for Remote Attendance 

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