Financial & Tax Accounting for Partnerships & LLCs
Overview
This program compares and contrasts the financial accounting for partnerships and LLCs, as well as discusses the tax accounting for these entities, with a thorough discussion of the important differences between financial accounting for partnership capital accounts and the tax accounting for partnership capital accounts. Financial accounting for operations of a partnership will also be addressed.
This course does not qualify for IRS credit.
Highlights
- Review of the AICPA financial reporting framework for small and medium-sized entities
- Integration of these financial reporting approaches with accounting for issues in the formation of partnerships and LLCs
- Financial accounting issues arising from changes in ownership of partnership and LLCs
- Financial vs. tax accounting for partnership/LLC capital accounts
- Review of Section 704(b) substantial economic effect rules and their relation to financial accounting
- The integration of financial accounting for partnerships/LLCs with the Form 1065
- Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests
- Deferred tax accounting for partnerships/LLCs
Prerequisites
Basic working knowledge of financial accounting
Designed For
CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current
Objectives
- Apply financial accounting in the partnership setting with special emphasis on accounting for capital accounts
- Identify the Accounting Standards Codification and OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs
Preparation
None
Non-Member Price $159.00
Member Price $129.00