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Financial and Tax Accounting for S Corporations

  • 04/08/2021
  • 8:30 AM - 12:30 PM
  • Webinar - CPA Crossings

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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:

  • 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.

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

Level: Intermediate

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

CPE Credits: 4

Area of Study: Accounting

Prerequisite: None


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