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Accounting and Financial Disclosures for The Employee Retention CreditCode: 24-EMPRET
Price: $19.95
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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.
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
$19.95
American CPE Compilation and Review update
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