(Webcast) How to Read and Understand a Financial Statement and Tax Return

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

Program Co-Instructors:

Howard H. Fine
Partner-in-Charge of the Accounting & Auditing Group
Gettry Marcus CPA, P.C.

Dean L. Surkin, JD, LLM
Tax Director
Gettry Marcus CPA, P.C.

  • 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 Law Students, 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

    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: 3.5 General
    Pennsylvania: 2.5 General
    Connecticut: Available to Licensed Attorneys

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