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
Total 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
