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Financial and Tax Accounting for Partnerships and S Corps

  • 05/10/2021
  • 8:00 AM - 4:00 PM
  • Webinar - CPA Crossings

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This course compares and contrasts the financial accounting for partnerships, LLCs and S corporations from the tax accounting perspective for these entities. Important differences between financial and tax accounting for partnership capital accounts will be discussed, as well as the financial accounting for operations of a partnership. The many complex financial and tax accounting issues that are common in S corporation transactions, as well as common pitfalls and the AICPA "small" GAAP accounting standards, 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:

  • Explore common differences between financial accounting and tax accounting for partnerships, LLCs and S corporations
  • Provide an understanding of partnership capital accounts and the financial accounting aspects of S corporations
Program Content:
  • Review of the Accounting Standard Codification and its application to partnerships, LLCs, and S Corporations
  • Review of OCBOA and its application to different business entities
  • Review of AICPA financial reporting framework for small and medium-sized entities
  • Integration of financial accounting with Form 1065 and Form 1120S
  • Section 704(b) substantial economic effect rules and their relation to financial accounting
  • Deferred tax accounting for partnerships, LLCs and S corporations
  • Review of AICPA "small" GAAP rules
  • Financial accounting impact of the C to S and S to C election
  • Financial vs. tax accounting for loans to and from S corporations and their shareholders and S corporation investments in other entities
  • Financial and tax accounting for PPP loan forgiveness

Designed for: CPAs in public practice and members in industry.

Level: Intermediate

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

Developer: Federal Tax Workshops, Inc

CPE Credits: 8

Area of Study: Accounting

Prerequisite: Basic working knowledge of the financial and tax accounting issues of partnerships and S corporations.


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