Financial and Tax Accounting for S Corporations
Course Code:
FTFTSC4
Program Level:
Intermediate
Description:
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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. Learning Objectives:
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. Learning Objectives:
Provide an understanding of the financial accounting aspects of S corporations
Explore the common differences between financial accounting and tax accounting for S corporations.
Program Content:- Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations.
- Review of OCBOA and its relationship to financial accounting for S corporations.
- Review of the new 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.
