Category Archives: Education

Education

What is a Cooperative? 6/20/18 Webinar

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As most of my blog readers know, I’m an active supporter of cooperatives as a positive force both economically and socially. I’ve worked as an educator with both NCBA (National Cooperative Business Association) and NSAC (National Society of Accountants for Cooperatives) and they each offer fantastic opportunities for education in the area of accounting for cooperatives. Especially well-suited for accountants who might be looking to expand their scope of offerings into the intricacies of cooperatives, this upcoming basic course by Bill Erlenbush promises to be worth the $56 and 60 minutes of your time.

This one-hour course is one of the modules contained in the NSAC Basic Accounting Course, taught at an introductory-basic level. The course will describe exactly what a cooperative is, definitions, etc. It will discuss the rich history of cooperatives, and will point out cooperatives in the community today, many of which most of us did not realize were cooperatives. We will discuss the several ways coops are classified, and will end with a discussion of the benefits of cooperation. — NSAC Cooperative Learning Network – What is a Cooperative?

Education, Tips

What it was like to be a female CPA in the 1970s

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This podcast by the Journal of Accountancy is pretty mind-blowing: What it was like to be a female CPA in the 1970s – Journal of Accountancy podcast

I am embarrassed and delighted to say that I had no idea how difficult things used to be for women in my field. Not to say that I never deal with gender issues in the workplace, or that I haven’t been the victim of discrimination or condescension due to being female — but most of the tax conferences I attend are 50/50, and the accounting tech conferences actually lean toward majority-women. It’s simply not the same world it used to be in my industry.

In all sincerity: many thanks to those that made it possible for me to be clueless. I’m proud to bear witness to your struggle now that I know more!

Education, IRS, Tips

Register for National Small Business Week Events, April 30-May 4

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There’s so much going on for National Small Business Week that you simply don’t want to miss.

For starters, the IRS is preparing a special series of presentations to help people navigate difficult tax issues, including the following National Small Business Week Webcasts. Two 30-minute sessions are available each day: Session 1 at 11 am and Session 2 at 1 pm ET.

April 30th: Can I Deduct This?
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25449
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25478

May 1st: Employee versus Independent Contractor 
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25479
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25480

May 2nd: Pay Now? Pay Later? Can’t Pay?
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25481
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25482

May 3rd: Small Business Resources 
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25483
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25485

May 4th: Paycheck Check-Up
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25486
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25487

Closed Captioning will be available for Session 2 only.  CE will not be offered. Email SBSE.SL.Web.Conference.Team@irs.gov with any questions.

They are also highlighting particular products that may assist small business owners with questions about taxes and recordkeeping.

In addition, the U.S. Small Business Administration (SBA) and SCORE Association will host a free, three-day Virtual Conference during SBA’s 2018 National Small Business Week, May 1-3.The Virtual Conference, which takes place from 12:30-6:30 p.m. ET each day, includes a series of webinars led by private sector employers that give practical advice on current business strategies. Topics for the webinars include discrimination and harassment in the workplace, the U.S. economic outlook and its impact on small businesses, cybersecurity for small businesses and more. The Virtual Conference also includes chat rooms where business owners can network with other owners and aspiring entrepreneurs.

Source: Register Today for National Small Business Week

Education, IRS

Accountable Plan Webinar May 9

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The NSAC Cooperative Learning Network is offering an upcoming webinar that sounds like it would be useful to quite a few accountants, on the topic of Accountable Plans:

The IRS has been finding that many entities are either not familiar with the Accountable Plan rules, or are not following them. As a result the government has been applying more scrutiny to this issue and assessing large amounts of additional taxes and penalties. In this one hour session we will understand how Accountable (and Non‐Accountable) Plans affect reimbursements, allowances and advances ‐ and how to create and operate a respected Accountable Plan.

Presenters are John Denison (Senior Director of Tax at Adams, Jenkins & Cheatham, PC) and Larry Ford (Director of the Tax Resolution Team at Adams, Jenkins and Cheatham, CPAs).

The one-hour seminar is offered at 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT. The session is free to NSAC members and $56 for non-members.

Source: NSAC Cooperative Learning Network – Accountable Plans

Education, Tips

SBA Small Business Week Virtual Conference

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The U.S. Small Business Administration and SCORE Association will host a free, 3-Day Virtual Conference during National Small Business Week. The conference will take place Tuesday, May 1 – Thursday, May 3 from 12:30 pm ET-6:30 pm ET daily. Registration is free to the public.

Participate in this free, online conference to watch 12 educational webinars, get free business advice from mentors, pick up free information and resources from sponsors and network with fellow business owners.

The webinars include:

  • Hug Your Haters: How to Embrace Complaints & Keep Your Customers
  • Simple Steps to Choosing the Right Financing
  • Addressing Discrimination and Harassment in the Workplace
  • Sharing Your Story Through Video
  • Pop & Play: How Opening a Pop-Up Shop Can Help Launch Your Retail Brand
  • How Changing Consumer Behavior Impacts Your Business
  • How to Get New and Repeat Business On Autopilot with Email Marketing
  • Cybersecure Your Small Business
  • Managing Your Finances in the Cloud
  • Creating and Sustaining a Strong Social Presence
  • The U.S. Economic Outlook and Its Impact on Small Businesses
  • Grow Your Business in 2018

Source: National Small Business Week Virtual Conference

Education, Illinois, Tips

Free Financial/Tax/Legal Resources for Chicago-area Residents

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Recently I came across two sets of resources for Chicago-area residents that seem worth sharing.

The Center for Economic Progress is offering free tax preparation and assistance to individuals with incomes less than $30,000 and families with incomes less than $55,000. Complete site locations and hours are available as a downloadable pdf on their site.

The Circuit Court of Cook County has a free seminar series geared toward the elderly, though applicable and open to all. Upcoming topics include: powers of attorney, reverse mortgages, foreclosures, long-term care, funeral pre-planning, property tax savings, evictions, financial literacy, social security, bankruptcy, elder abuse and exploitation, and more.

Add to these the extensive list of workshops that the City of Chicago offers for small business owners, and I’d say we’ve got a pretty rich set of options for free financial, legal and tax assistance in our city of Big Shoulders.

Education, IRS, Tips

Form 1095-C Decoder

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I recently stumbled across this wonderful “decoder” for Form 1095-C — the form that you’ll receive from your employer if they provide your health insurance. You simply click on the line number and a pop-up window explains all the different codes that you might see on your copy, and what each one means. It’s a confusing form, with many options, and I think this interactive website does a great job clearing up the complexity and confusion.

Source: Form 1095-C Decoder – Tax Form Management

Education, IRS

NSAC Cooperative Learning Network – Upcoming Webinars

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The National Society of Accountants for Cooperatives offers some great online learning resources from time-to-time, and in today’s e-newsletter update, a few in particular were listed that caught my attention. In particular, George Benson and Teree Castanias are excellent, knowledgeable presenters, and Don Frederick — himself a legend in the co-op tax world — does a great job introducing the concept of co-op taxation.

Book vs Tax vs Hybrid Basis of Paying Patronage
Tuesday, November 14, 2017
02:00 PM EST / 01:00 PM CST / 12:00 PM MST / 11:00 AM PST

A cooperative must return the profits of its patronage operations to the member/patrons based on the business done with the cooperative for the year. But how that income is computed (book, tax or hybrid) will create very different results. How the cooperative addresses this issue can have important financial and member relations implications.

MORE INFO    REGISTER NOW 
Fraud Risk Management for Cooperatives
Wednesday, December 06, 2017
11:00 AM EST / 10:00 AM CST / 09:00 AM MST / 08:00 AM PST

Cooperatives face a multitude of risks every day. How that risk is managed can affect the long-term success of the organization. Fraud Risk Management for Cooperatives focuses on recognizing risks, especially related to the difficult topic of fraud, and building a simple, actionable organization wide plan to effectively manage those fraud risks.

MORE INFO    REGISTER NOW
Basic A&A Seminar
Tuesday, December 12, 2017
11:00 AM EST / 10:00 AM CST / 09:00 AM MST / 08:00 AM PST

This 4-hour, 4-CPE credit course, is designed for new hires and other employe es of cooperatives and firms serving cooperatives that can benefit from training in the unique nature of cooperatives.

Introduction to Cooperatives – Donald Frederick (11:00 am – 12:00 pm) 
During this presentation we explain the foundation for doing business on a cooperative basis, with special emphasis on the owner-customer role of a co-op’s members. We discuss the rich history of cooperatives in America, the many types of cooperatives in our communities, and conclude with an examination of the benefits of having businesses operate as cooperatives.

Equity Management & Inter-Cooperative Investments – Phil Miller (12:00 pm – 1:00 pm) 
The course discusses the various types of Cooperative Equity and introduces the concepts of Equity Redemption. It discusses the Components of Inter-Cooperative Investments and why Co-ops so often invest in each other. It covers Balance Sheet and Income Statement Presentation, Timing and Recognition issues, Footnote Disclosures, and Impairment Questions related specifically to Inter-Cooperative Investments.

Lunch (1:00 pm – 1:30 pm) 
The audio portion of the CLN will be suspended during this time.

Basic Cooperative Taxation – Donald Frederick (1:30 pm – 2:30 pm) 
During this session we discuss the unique Federal income tax treatment of cooperatives. We focus on how tax law supports equity accumulation by cooperatives, particularly the patronage refund. We conclude by providing a set of tools to facilitate tax planning by cooperatives and their professional advisers.

Co-op GAAP – Phil Miller (2:30 pm – 3:30 pm) 
The course discusses how all GAAP is applicable to co-ops, but also how some GAAP applies specifically to only co-ops. We will discuss the two single pieces of GAAP that form the basis for Co-op GAAP, plus one piece of GAAP that applies to electric co-ops. We will discuss how NSAC has contributed to the body of Co-op GAAP over the years and will finish with a discussion of the new FASB Codification and how Co-op GAAP is contained within the Codification.

MORE INFO    REGISTER NOW 
Record Retention Policies and Practices: A Legal Perspective
Tuesday, January 16, 2018
11:00 AM EST / 10:00 AM CST / 09:00 AM MST / 08:00 AM PST

What documents do you have to keep?? Can you destroy documents?? This session will answer those questions and discuss organizing, cataloguing, r etaining and routinely destroying documents to allow you to review your process at your organization.? The process of creating and enforcing a formal policy for document retention with attendant schedules will be examined, and the annual documentation that should accompany the policy will be discussed. Legal holds for documents and leading practices for routine destruction will also be reviewed

MORE INFO    REGISTER NOW 
Advanced A&A Seminar
Wednesday, March 14, 2018
11:00 AM EST / 10:00 AM CST / 09:00 AM MST / 08:00 AM PST

This 4-hour webinar is designed for recent hires and other employees of cooperatives and firms serving cooperatives that can benefit from training in the unique nature of cooperatives. The three modules presented in this course include Hedge Acco unting, Advanced Cooperative Taxation and Co-op Ratio Analysis.

MORE INFO    REGISTER NOW 

The full list of online webinars can be found at the NSAC Cooperative Learning Network.

Education, QuickBooks Software

Proposed Changes to QBO ProAdvisor Certification Program

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Intuit just announced major changes to the annual certification and re-certification exams for QuickBooks Online. Their intent is to standardize the testing windows so that all ProAdvisors are up for renewal at the same time, and to recommend four hours of annual continuing education (recognizing that many of us already have much more stringent CE requirements due to CPA, EA or other professional designations). They also are considering switching from the requirement to re-take the same certification exam each year to opting for a shorter exam that focuses only on what’s new in QBO.

In the meantime, while they evaluate the best way to implement these changes, they have paused all requirements for certification, with the following statement:

If you completed the QuickBooks Online Certification on or after October 21, 2016, your Certification status will not expire until after we release the new Certification exam. If you completed the exam before October 21, 2016, you can complete the exam currently available in your ProAdvisor Center to maintain or reinstate your Certification benefits.

Source: New QuickBooks Online Certification – Coming in 2018 – QuickBooks Learn & Support

Education, Tips

October is National Women’s Small Business Month

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The SBA (@SBAgov) will be hosting a Twitter chat on women-owned small businesses on Thursday, October 26, at 3:00 p.m. ET/12:00 p.m. PT. They’ll be sharing tips and resources to help women start, grow and succeed in business. Follow along with the hashtag #SBAchat.

Linda McMahon, the Administrator of the US Small Business Administration, starts this article off by saying, “Seems hard to believe today, but thirty years ago, some state laws prevented women from getting a business loan without having a male relative co-sign for it.”

I had to admit, even I was shocked by that. Accounting is a field that’s not overrun by males, thankfully, and I’ve had no problem holding my own when confronted with discrimination, harassment, and condescension — though it’s happened all-too-often, especially with male lawyers, consultants, and financial advisers. (There was one time in particular when I was taken so off-guard that I didn’t stand up for myself, and actually had to sit at a side table while a male co-presenter stood at the lectern and took credit for a lecture that I wrote. I’ll never let that happen again.)

At this point, women-owned businesses are the fastest-growing sector of the economy, according to the National Association of Women Business Owners. And October is National Women’s Small Business Month, in honor of the creation on October 25, 1988 of the National Women’s Business Council.

Today, 9.9 million businesses in the U.S. are owned by women, they employ more than 8 million workers, provide more than $264 billion in wages and salaries to employees, and contribute $1.4 trillion in sales to our national economy. The SBA’s Office of Advocacy describes them as an “economic powerhouse”.

But we’re far from done with the work it takes to right so many years of wrongs — so much inequity, as well as cultural mores that leave us all affected with subconscious sexism. Let’s take a moment each day this month to pause and check our actions and reactions; and maybe it will last us at least part-way into November.

The SBA (@SBAgov) will be hosting a Twitter chat on women-owned small businesses on Thursday, October 26, at 3:00 p.m. ET/12:00 p.m. PT. They’ll be sharing tips and resources to help women start, grow and succeed in business. Follow along with the hashtag #SBAchat.

Source: Supporting Women in Business | The U.S. Small Business Administration | SBA.gov