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

$50.00

Review the accounting and financial disclosures related to these two recent changes from legislation.

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

Author: Steven C. Fustolo, CPA

Electronic version only


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.

With this 2-hour course you will:

  • Get a 62-page PDF manual
  • 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.
Designation CPE Hours
CPA 2 Accounting

Course level: Overview
General understanding of accounting, financial reporting, auditing, and compilation and review standards is required.

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Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 2 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Prerequisite: General understanding of accounting, financial reporting, auditing, and compilation and review standards is required.

Spidell Hours

CPA
Acctng 2

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