Financial & Tax Accounting for S Corporations

Overview

You could pay $0 for this course!

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.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-9291. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

• Review of the Accounting Standards Codification and 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

Prerequisites

Basic working knowledge of financial accounting

Designed For

CPAs working with S corporations and members in business and industry seeking to keep their knowledge current.

Objectives

• Apply key financial accounting aspects of S corporations
• Explore the common differences between financial accounting and tax accounting for S corporations

Preparation

None