Leases: Miscellaneous Topics

Description

The last of a three-course series focused on ASC 842, Leases. Leasing is popular among companies for needs, including office space and equipment. This course addresses leasing from a lessor's perspective and the effective date and transition for both the lessor and lessee. Excerpts from public company disclosures will also be reviewed. Attendees should be familiar with the content from the first course, Leases: Is It a Lease?, and the second course, Leases: Lessees. ASC 842 Leases is now effective for most publicly traded entities. Private companies and nonprofit entities should be prepared as the effective date for annual reporting periods beginning after December 15, 2021. Early application is also permitted. Prepare your clients and entities for adoption.

Highlights

• FASB ASC 842
• Leases and All recently released updates to ASC 842
• Leases

Objectives

• Identify how to form a qualified entity and elect S corp status
• Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1.
• Calculate an S corporations' initial basis in its assets as well as a shareholder's stock and debt basis in the S corporation.
• Recognize three main reasons for calculating a shareholder's basis in an S corp.
• Calculate annual adjustments to a shareholders' stock and debt basis and determine if losses and deductions are limited on the shareholders' individual income tax return.
• Calculate the three major taxes attributable to S corporations.
• Learn how to calculate AAA and OAA account for an S corporation.
• Understand the impact of stock redemptions on the AAA and E&P accounts.
• Review basic tax compliance requirements including all of the major S corporation entity tax elections.

Designed For

CPAs, auditors, consultants, and financial and management professionals.