Account-Fin Disclosures for ERC and PTE TaxCode: 26-EMPRI

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Course Details

77 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 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.


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 ERC.
  • Identify where to present the ERC in the statement of income using the ASC 958 conditionalcontribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.•
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Identify how to account for an ERC filing in 2023.•
  • 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 PTEtax election.
  • Identify disclosures that should be made for the PTE tax.

Field of study: Accounting


Level of knowledge: Overview


Prerequisite: General understanding of accounting, financial reporting, auditing and compilation and review standards


Advanced Preparation: None


Recommended CPE hours: 2

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

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06/04/2021
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Accounting and financial reporting for COVID, CARES ACT and PPP loans
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Accounting and Financial Reporting for COVID-19 and the CARES Act!
Very timely and well presented material. Great go-to resource to have in my library.
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11/19/2020
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Accounting and Financial Reporting for Covid-19 and the CARES Act
Very informative course, the material was well organized and easy to follow, very reasonably priced.
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accounting and financial reporting for covid 19 and the cares act
excellent material
SALVATORE F YODICE CPA
10/10/2020
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YODICE & COMPANY PC
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Accounting & Financial Reporting for Covid-19 & the Cares Act
Very informative. Useful information for reporting.
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06/22/2020
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American CPE, 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 final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

 

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