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Author: |
Steven C Fustolo, CPA, MBA |
Course Length: |
Pages: 37 ||| Word Count: 14,128 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
0 |
Price: |
$17.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course reviews the accounting and financial disclosures related to the Employee Retention Credit and the Pass Through Entity Tax under recent legislative changes.
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Frequently Asked Questions: |
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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 2021 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, dealing with ERC withdrawals and filings in 2024 and 2025, and more. |
Usage Rank: |
20000 |
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: |
Internal: Tax‑Basis Financial Statements & Other Special Purpose Frameworks
Internal: Current Developments, Financial Reporting
External: FASB ASU 2021-10 Government Assistance Disclosures
External: Financial Accounting
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
24-Sep-2025 |
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. |
Keywords: |
Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - CPE course for CPAs |
Learning Objectives: |
Course Learning Objectives After reading the course material, you will be able to:
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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. Tax-Basis Financial Statements and the ERC G. Filing for the ERC Prior to April 2025 ERC Deadline H. Accounting for Dubious ERC Claims- IRS Withdrawal Programs 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 Review Questions Glossary |
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