2024 Financial & Tax Accounting for Partnerships & LLCs

Overview

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.

Highlights

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

Prerequisites

Basic working knowledge of financial accounting

Designed For

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

Objectives

Identify how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts