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Financial and Tax Accounting for Partnerships and LLCs

  • 03/03/2021
  • 8:00 AM - 12:00 PM
  • Webinar - CPA Crossings

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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.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:

  • To help understand how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts.
Program Content:
  • Review of the Accounting Standards Codification and its application to partnerships and LLCs.
  • Review of OCBOA and its application to partnerships and LLCs.
  • Review of the new 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.
  • Partnerships/LLCs as part of other entities.

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

Level: Intermediate

Instructor: Steven C. Dilley, CPA, JD, PhD

CPE Credits: 4

Area of Study: Accounting

Prerequisite: None


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