Financial & Tax Accounting for Partnerships & LLCs

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Instructor

Steve
Dilley

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Steve Dilley

Bio

Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his Ph.D in accounting from the University of Wisconsin Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW- Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPA's, the Michigan Association of CPA's, the American Accounting Association,The American Institute of CPA's, the American Taxation Associaiton, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.

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 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