October 9, 2025

Webinar

4 CPE

Financial & Tax Accounting for Partnerships & LLCs

October 9, 2025
Webinar
4 CPE

Financial & Tax Accounting for Partnerships & LLCs

  • View Bio

    Instructor

    Steve
    Dilley

    View Bio

    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, with 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.

This course does not qualify for IRS credit.

Learning Objectives

  • Apply financial accounting in the partnership setting with special emphasis on accounting for capital accounts
  • Identify the Accounting Standards Codification and OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs

Major Topics

  • 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

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

Provider

ACPEN

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