November 30, 2022


Webinar


8 Total CPE Credits

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Financial & Tax Accounting for S Corporations & Partnerships

Learning Objectives

After attending this presentation you will be able to...

  • Distinguish the financial accounting and tax aspect of S corporation and partnerships with special emphasis on accounting for capital accounts

Major Topics

The major topics that will be covered in this class include:

  • Review the Accounting Standards Codification, OCBOA/Special Purpose Frameworks, and AICPA financial reporting framework and their application to partnerships, LLCs and S corporations
  • Financial accounting issues arising from changes in ownership
  • Financial vs. tax accounting for partnership/LLC capital accounts
  • Section 704(b) substantial economic effect rules and their relation to financial accounting
  • The integration of financial accounting with Forms 1065 and 1120S
  • Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests
  • Deferred tax accounting for partnerships/LLCs and S corporations
  • Financial accounting for the operations of a partnership/LLC
  • Financial accounting impact of the C to S election and the S to C election
  • Financial and tax accounting for S corporation shareholder equity and partner capital accounts
  • Financial vs. tax accounting for loans to and from S corporations and their shareholders

CPE Credits Available

8
Total CPE
8
Accounting & Auditing

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

Basic working knowledge of financial reporting and partnership and S corporation taxation.

Advanced Preparation

None

Intended Audience

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

Provider

CPA Crossings

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