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Date and Time: Thursday, June 23, 9:00 am-12:50 pm EST

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.

Learning Objectives: Apply key financial accounting aspects of S corporations and explore the common differences between financial accounting and tax accounting for S corporations.

Program Content:

  • Review of the Accounting Standards Codification and 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
  • 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
  • Financial and tax accounting for PPP loan forgiveness.

Who should attend: CPAs working with S corporations and members in business and industry seeking to keep their knowledge current.

Program Level: Intermediate

Developed By: Federal Tax Workshops, Inc

Instructor: Steven C. Dilley, CPA, JD, PhD

CPE Credit: 4

Field of Study: Accounting

Prerequisites: Basic working knowledge of financial accounting.

Advanced Preparation: None

Course Content

Steven C. Dilley, CPA, JD, PhD

Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.

In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.

Only enrolled student have access to course materials