This program compares and contrasts the financial and tax accounting differences of partnerships, LLCs, and S corporations, as well as discuss the tax accounting for these entities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
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
