Employee Retention Credit (ERC) and Pass-Through Entity (PTE) Tax (2 hrs)

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Course Description

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

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.

Course information

Price: $33

Course No. F200
Format: Online pdf (139 pages).
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of accounting, financial reporting, auditing and compilation and review standards
Advance Preparation: None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Accounting: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2022


After completing this course, participants should 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 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.

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