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

Members
$129.00 Regular Price
Non-Members
$159.00 Regular Price

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$80.00 Members / $112.00 Non-Members
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

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