How to Read and Understand a Financial Statement and Tax Return

Originally held on Friday, October 29, 2021 | 9:00 am – 12:00 pm

• Description
• Agenda
• CLE Credit
• Sponsors

• A greater understanding of the client’s financial matters allows the attorney to better service the client and to possibly generate additional services for the client and billings for the law firm. This comprehensive seminar is designed to familiarize the attorney with the structure and contents of the client’s financial statements and tax returns. Items to be covered in this program include:

  • Overview and Purposes of Financial Statements
  • Types of Financial Statements
  • Overview of Generally Accepted Accounting Principles (GAAP)
  • Levels of Accountant’s Report
  • Contents of Financial Statements
  • Examples of Financial Statements by Different Industries
  • Financial Statement Ratios and Key Indicators
  • Recent Accounting Developments
  • Fraud Issues on Financial Statements
  • Overview of Tax Returns for Various Business Entities
  • Common Differences between Financial Statement and Tax Return Reporting

  Program Fee:
  $229 for Members | $329 for Nonmembers

  Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2019-2021), In-House/Corporate Counsel, Judges, and attorney members who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

• 9:00 am – 9:15 am
  Overview and Purposes of Financial Statements

  • Users of Financial Statements
  • Historical v. Forecasts and Projections

  9:15 am – 9:30 am
  Levels of Accountant’s Report

  • Audit
  • Review
  • Compilation
  • “Prepared”

  9:30 am – 10:30 am
  Contents of Financial Statements

  • Basis of Accounting (Accrual v. Cash)
  • Balance Sheet
  • Statement of Operations
  • Statement of Cash Flow
  • Statement of Shareholders’ Equity
  • Notes to the Financial Statements

  10:30 am – 10:50 am
  Fraud Issues on Financial Statements

  • Fraudulent Financial Statements v. Asset Misappropriation
  • Common Areas of Fraudulent Financial Statements

  10:50 am – 10:55 am
  Q & A

  10:55 am – 11:00 am
  Break

  11:00 am – 11:30 am
  Introduction to Understanding a Tax Return

  • Individual Returns
  • Overview of Entity Tax Returns
    • C Corporations
    • Partnerships
    • S Corporations
    • Trusts

  11:30 am– 11:50 am
  Differences Between Financial Statements & Tax Returns

  • Schedules M-1 and M-3

  11:50 am – 12:00 pm
  Q & A

• New York: 3.5 Skills
  New Jersey: 3.5 General
  California: 2.5 General
  Pennsylvania: 2.5 General
  Connecticut: Available to Licensed Attorneys

  Please Note: Newly admitted NY attorneys cannot fulfill ethics or skills credits through our on-demand programs under OCA rules. For more information on this, please see http://www.nycourts.gov/attorneys/cle/changes_for_2016.shtml.

• Sponsorship Opportunities are Available! Please Contact:
  Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org