Course Description

In this webinar, Steven Dilley, CPA, JD, PhD will address 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. 

Major Subjects:

• 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

Learning Objectives

• Identify how to apply the key financial accounting aspects of S corporations
• Discover the common differences between financial accounting and tax accounting for S corporations

Prerequisites

• Basic working knowledge of financial accounting and S corps.

Who Should Attend

CPAs, accountants, and financial professionals who work with S Corporation accounting issues and transactions.