Proper Financial Accounting for Partnerships and LLCs

Overview

Although they are the most common entities for small and mid-sized business, financial (book) accounting for partnerships and LLCs are rarely discussed.  This course examines the proper financial accounting for these tax-driven entities.

Highlights

• Importance of Partnership capital accounts
• Book vs tax capital accounts
• Partnership capital contributions
• Section 704(b) capital rules and OCBOA
• GAAP balance sheet impact of capital contributions
• Bonus and Goodwill methods
• Ceiling Rule and Remedial allocations
• GAAP partner capital accounts

Prerequisites

Basic working knowledge of business taxation

Designed For

CPAs in public practice and members in industry seeking a better understanding of financial accounting for partnerships and LLCs

Objectives

• Apply financial accounting concepts to partnerships and LLCs
• Identify planning strategies and potential pitfalls.

Preparation

None