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Accounting and Financial Disclosures for the Employee Retention Credit and the Pass-Through Entity Tax

Accounting and Financial Disclosures for the Employee Retention Credit and the Pass-Through Entity Tax

$29.95$29.95
  • SKU : SF2013
  • OUR PRICE :$29.95
  • CREDIT HOURS : 2
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Accounting and Financial Disclosures for the Employee Retention Credit and the Pass-Through Entity Tax
 
 
 
 
Course Description:
 
The objective of this course is to review the accounting and financial disclosures related to two recent changes from legislation: the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax.

Topics include: An overview of the ERC rules; models to use to account for the ERC;  comparing use of the ASC 958 model with the IAS 20 model to account for the ERC;  disclosures required for the ERC including disclosures found in newly issued ASU 2021-10;  fixing 2020 ERC presentation and disclosure errors; presenting the ERC on tax-basis financial statements; overview of the Pass-Through Entity (PTE) Tax election;  GAAP accounting for the PTE tax;  GAAP disclosures for the PTE tax;  presenting the PTE tax on tax-basis financial statements, and more.
 
 
Learning Objectives:
 
 
Upon successful completion of this course, participants will be able to:
  • Recognize the type of expense that is the basis for measuring the amount of the ERC
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
  • Identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the 2020 statement of income.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
  • Identify how to account for the PTE tax in an entity’s financial statements.
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
  • Identify disclosures that should be made for the PTE tax.
 
Course Number:
SF2013
NASBA Field of Study:
Accounting
Level:                    
Overview
Author/Instructor:
Steven C. Fustolo
Publication Date:
January 2024
 
CPE Credits:
2
 
Program Prerequisites:
General understanding of accounting, financial reporting, auditing and compilation and review standards
 
Advanced Preparation:
None

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