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2024 Financial & Tax Accounting for Partnerships & LLCs

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TBD

4.0 Credits

Member Price $129

Non-Member Price $129

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

Preparation

None

Non-Member Price $129

Member Price $129