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Liability issues, swimming with sea turtles, and more.
This week, we talk liability, swimming with sea turtles,Winnie the Pooh buying a car, and more.
Did you know you're entered to win a free CPE course each week just by receiving this newsletter? Scroll to the end to see if you're this week's winner.
Welcome to Dear Western, where you ask the Western Experts questions regarding your firm, tough clients, or general (non-tax) things. All submissions are anonymous. To submit questions, send an email to .
A 1040 client has a schedule C business. I prepared her returns for 2022 and 2023. She doesnt do any bookkeeping; she just provides a spreadsheet each year for taxes.
Her lender is requesting a P&L for the past 3 months and wants me to help her draw that up. It seems like a liability on my end to do that, but Im not sure what to suggest she do instead. What do you all usually do in this scenario?
Response:
A CPA can prepare a financial statement from a client's data without performing Audit, Review, or Compilation standards. You will definitely need an engagement letter that includes management's agreement that "no assurances are given" is clearly communicated in the financial statements. Because no verification procedures are used in this type of engagement, it is considered "high risk." I would talk to my E&O provider before engaging with the client. This question is answered in SSARS 21.
- Mitch Abernethy, CPA
Via @thebig4accountant
New Courses
New courses added this week:
Secure Acts and Retirement Distribution Planning by Steve Siegel, JD, LL
AI & Accounting - What You Need to Know by Kelen Camhel, CPA, MBA
Guide to Auditor Legal Liability by Steven M. Bragg, CPA
Wellness Corner
Tax season is over (for now), but it's still easy to forget to take care of yourself. So, were here to remind you of a few things you can do each week to help with the extra stressful days.
A study has shown that getting out and helping others will increase your overall sense of happiness and well being.
Did you know there is a science behind smiling? Smiling has been proven to activate your brain's release of dopamine and serotonin. So, show those pearly
whites!
Sharing three things that you're grateful every day will improve your well-being overall, according to the Journal of Personality and Social Psychology.
Western Course of the Week
This week, we are highlighting S-CorpShareholder Reasonable Compensation taught by Jane Ryder, EA, CPA.
In this course, you'll explore factors impacting reasonable compensation, develop strategies to support lower salaries, and mitigate audit risks. After this course, you'll be able to confidently advise clients on compliance and identify tax-saving opportunities.
Purchase this course by midnight on May 10th and receive 25% off by using coupon code Share2024.
Conference Highlight: Maui, HI
A customer favorite conference is back. Our Maui conference on Nov. 4th - 8th is where CPE meets rejuvenation. This year features 13 courses, as well as three specialized learning tracks,
so you've got more variety than ever.
Some featured highlights:
Our conference is located at the the stunning Hyatt Regency Maui Resort & Spa.
Explore the Road to Hana and take in the countless waterfalls, rainforests, and secluded beaches.
Get an up-close look at ocean life at the Maui Ocean Center, named one of the best aquariums in the country.
Snorkel with the gentle giants of the ocean at Turtle Town in the Molonkini Crater.
If youre interested in attending this conference, make sure to reserve your room now, because this hotel is almost at capacity.
Western Newsroom Recap
This week, we learned that:
The Committee for a Responsible Federal Budget estimates that ten-year cost of the Inflation Reduction Act of 2022 credits will
increase by 170%.
To read more about tax and accounting news from our Western CPE experts, check out our blog.
Coupon Clippings:
Early Bird pricing for our CPE conferences offers up to a 35% discount.
Western Giveaway:
This weeks free CPE course winner is: Stephen Stuart. Stephen, to claim your free course, please respond to this email, and our Customer Experience team will make sure its added to your account.
Want to win a free 1 CPE credit course? Theres only one thing you need to do: read The Memo each week. Every Friday, well announce the winner here.This weeks free course is: Interviewing Techniques by Sefton Boyars. Check back next week to find out if youre a winner.
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