Financial and Tax Accounting for S Corporations

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.

Highlights

• 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.

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.

Designed For

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