Proper Financial Accounting for Partnerships and LLCs

Instructor

Doug
Van Der Aa

Although they are the most common entities for small and mid-sized business, financial (book) accounting for partnerships and LLCs are rarely discussed. This course examines the proper financial accounting for these tax-driven entities.

Learning Objectives

Apply financial accounting concepts to partnerships and LLCs
Identify planning strategies and potential pitfalls.

Major Topics

Importance of Partnership capital accounts
Book vs tax capital accounts
Partnership capital contributions
Section 704(b) capital rules and OCBOA
GAAP balance sheet impact of capital contributions
Bonus and Goodwill methods
Ceiling Rule and Remedial allocations
GAAP partner capital accounts

CPE Credits Available

4 CPE

4: Accounting

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Accounting

Advanced Preparation

None

Intended Audience

CPAs in public practice and members in industry seeking a better understanding of financial accounting for partnerships and LLCs

Provider

ACPEN