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How to Allocate Income and Losses for S Corporations [Video]

S corporations are flow-through entities, so income, losses, deductions, and credits flow through to the shareholders of an S corporation and are taxed at the shareholder level. Each shareholder is then taxed on their pro rata share of separately and nonseparately stated items. If the shareholder's ownership interest changes, a per share, per day allocation is used (unless the shareholder disposes of their entire ownership interest, in which shareholders can choose to split the tax year into two tax years, with the first tax year ending on the date the shareholder disposed of their ownership interest). Shareholders may also deduct a pro rata share of the S corporation's losses. However, a shareholder may not deduct losses exceeding the sum of (1) the shareholder's basis in the S corporation stock and (2) the shareholder's basis in any loans that shareholder made to the S corporation. Other loss limitations also apply (the …

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What is material to the financial statements? [Video]
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Resources for Accountants

What is material to the financial statements? [Video]

Jenny will help you "close the GAAP" on what is material to the financial statements. Check out her quick video explanation here! If you are interested in learning more, explore our eLearning courses on our GAAP Dynamics Learning Library: Cybersecurity: Financial Reporting Issues and SEC Disclosures: https://www.gaapdynamics.com/product/cybersecurity-financial-reporting-issues-and-sec-disclosures/ Audit Planning and Materiality: https://revolution.gaapdynamics.com/learn/courses/546/audit-planning-and-materiality

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Accountant or Bookkeeper? Which Role Is Right for You [Video]
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Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice