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Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax (Course Id 1939)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 33 ||| Review Questions: 10 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1939

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.

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : General understanding of accounting, financial reporting, auditing and compilation and review standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 07-Jan-2022
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1939

Keywords : Accounting, Accounting, Financial, Disclosures, Employee, Retention, Credit, ERC, Pass-Through, Entity, PTE, Tax, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the course material, you will be able to:
  • Recognize the type of expense that is the basis for measuring the amount of the Employee Retention Credit (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 election.
Course Contents :

Chapter 1 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax

I.     Introduction

II.    Accounting - Financial Disclosures for the Employee Retention Credit (ERC)

A. Overview

B. GAAP Accounting for the ERC

C. OPTION 1: ASC 958-605- Not-for-Profit Entities: Revenue Recognition

D. OPTION 2: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance

E. Disclosures for the ERC

F.  Fixing the 2020 Financial Statements and Disclosures for the ERC

G. Tax-Basis Financial Statements and the ERC

Review Questions

III.   Accounting - Financial Disclosures for the Pass-Through Entity (PTE) Tax

A. Overview

B. Use of the Pass-Through Entity (PTE) Tax Election

C. GAAP Accounting and Disclosures- PTE Tax

D. GAAP Accounting Rules for the PTE Tax

E. GAAP Disclosures for the PTE Tax

F.  PTE Tax and Tax-Basis Financial Statements

Review Questions

Glossary

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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