November 30, 2022

Webinar

4 Total CPE Credits

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Financial & Tax Accounting for Partnerships & LLCs

  • Instructor

    Steven Dilley

This program compares and contrasts the financial accounting for partnerships and LLCs, as well as discusses the tax accounting for these entities. It includes 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.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
 

Major Topics

  • Review of the Accounting Standards Codification and its application to partnerships and LLCs
  • Review of the OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs
  • 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
  • Completion of the Form 1065 Schedule M-1
  • Financial accounting for the operations of a partnership/LLC
  • Partnerships/LLCs as part of other entities
  • Financial and tax accounting for PPP loan forgiveness.

CPE Credits Available

4
Total CPE
4
Accounting

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

Basic working knowledge of financial accounting.

Advanced Preparation

None

Intended Audience

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

Provider

ACPEN

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