2024 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 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

Prerequisites

Basic working knowledge of S Corporation reporting

Designed For

CPAs in public accounting and members in industry dealing with financial accounting issues of S corporations

Objectives

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

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.