This year’s 2021 Virtual Summer CPE Series was another great way for us to reach out and help our private company clients stay on top of important issues for their businesses. We are grateful for everyone who joined us over the past couple of months, giving us the chance to speak and answer questions about the new lease accounting standard on the horizon, the Employee Retention Credit (ERC), cybersecurity and cryptocurrency.
Below are links to each webinar and related resources, in case you missed one or just want a refresh on what we covered.
Jami Blake and Brian Fiedler provided an overview of the new leases standard. This webinar gave a basic understanding of the new rules, illustrated the impact on financial presentation and disclosure requirements, explored decisions that will need to be made upon transition, identified implementation challenges and discussed steps to prepare.
Watch the webinar or download a copy of the presentation
Nevin Nussbaum, Robert Venables and Jonathan Williamson discussed the employer eligibility requirements and credit computations under the original and expanded ERC programs, as well as IRS guidance that that may allow employers to qualify in special circumstances. Specifically, the trio highlighted taxpayer aggregation examples, how to claim the ERC, ERC versus Paycheck Protection forgiveness, and helpful flow charts for 2020 and 2021 quarters.
Steve Guarini, Michelle Chopper and Chris Ferguson teamed up to help attendees understand the escalating cybersecurity threats in our evolving virtual environment. They covered cybersecurity principles and key risks and controls; types of attacks and key cybersecurity threats; the five cybersecurity functions and their purpose; cybersecurity frameworks; and processes and controls needed to detect, respond to, mitigate and recover from a security incident.
Cynthia Pedersen and Brandon Miller explored the basics of blockchain and cryptocurrency as well as specific tax issues in their presentation. Particularly, they discussed how cryptocurrency is classified for U.S. tax purposes, the tax character of crypto, considerations for investing partnerships, special acquisition issues (forks and airdrops), disposition issues, and compliance risk and consequences.
Please reach out to any of our speakers or your service team to talk about these or other issues further. We look forward to bringing you more educational opportunities in the near future!
Cohen & Co is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.