2024 Financial and Tax Accounting for Partnerships and 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.

Objectives

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

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

Designed For

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

Prerequisites

Basic working knowledge of financial accounting

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/login https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Steven Dilley, Federal Tax Workshops

Leader Bios

Steven Dilley, Federal Tax Workshops

Steve is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 33 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics.

In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He received the 2005 "Distinguished Achievement in Accounting Education Award" in Michigan. He also received the 2007 "MSU Accounting and Information Systems Department Outstanding Teacher Award."

He obtained his Ph.D. in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.

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