Accounting and Financial Disclosures for The Employee Retention CreditCode: 23-EMPRET

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Course Details

66 pages

Objectives: 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.

After reading the course material, you will be able to: 

  •          Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  •           Recognize the type of expense that is the basis for measuring the amount of the ERC.
  •          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.

 Presentation Method:   Self-Study

Category: Accounting

CPE credit:  2 Hours

Program Level:  Basic to intermediate

Prerequisites:  Basic understanding of GAAP

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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