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ERC and PTE Tax Disclosures#313924

Online Book, Online Exam

$25.00

Hardcopy Book, Online Exam

$37.00

Course Option

Credit

Amount

CPA

Course Author: Steven C. Fustolo Field of Study (CPA): Accounting

Course Details, Learning Objectives, Table of Contents

Course Description

Course publication/revision date: This course was updated on 2/8/2024.

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 2023 and 2024, and more.