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 AICPA "small" GAAP accounting standards.

This course does not qualify for IRS credit.

Highlights

• 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 the S corporation shareholder equity account
• Financial vs. tax accounting for loans to and from S corporations and their shareholders

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

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.