Webinar

Financial and Tax Accounting for Partnerships and LLCs

If you have questions about this event, please call us at 952-831-2707.

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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.

Major subjects

• 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.

Learning 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.

Who should take this program?

• CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $149.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.