Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his Ph.D in accounting from the University of Wisconsin Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW- Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPA's, the Michigan Association of CPA's, the American Accounting Association,The American Institute of CPA's, the American Taxation Associaiton, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.
This program addresses the many complex financial and tax accounting issues that are common in S corporation transactions, with discussion of common pitfalls and the new AICPA "small" GAAP accounting standards.
Major Topics
Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations
Review of OCBOA/Special Purpose Frameworks and their relationship to financial accounting for S corporations
Review of the AICPA "small" GAAP rules
The impact of the entity's tax status history on its financial accounting
Deferred tax accounting for S corporations
Required S status financial accounting disclosures
Financial accounting impact of the C to S election and the S to C election
The relationship of financial accounting and the Form 1120S
Financial and tax accounting for S corporation shareholder equity account
Financial vs. tax accounting for loans to and from S corporations and their shareholders
Financial accounting vs. tax accounting for S corporation investments in other entities
Financial and tax accounting for PPP loan forgiveness.
CPE Credits Available
4 CPE
4
Accounting
Things to Know About This Course
Course Level
Intermediate
Prerequisites
Basic working knowledge of S Corporation reporting.
Advanced Preparation
None
Intended Audience
CPAs in public accounting and members in industry dealing with financial accounting issues of S corporations