2024 Financial & Tax Accounting for Partnerships & LLCs
Tuesday, January 28, 2025
Webcast or Webinar, Online
2:00 PM - 5:36 PM (opens at 1:30 PM) EST
4Credits
Accounting and Auditing
Registration is Open
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$129.00 Regular Price
Non-Members
$159.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC152356
Level: Intermediate
Vendor: ACPEN
Field of Study: Accounting
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
Major Topics:
- 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
Major Topics:
- 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