Financial & Tax Accounting for S Corporations

Overview

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.

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