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Financial & Tax Accounting for Partnerships & LLCs

  • 08/18/2021
  • 1:00 PM - 4:44 PM
  • Webinar-ACPEN

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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.

Topics Discussed/Objectives:

  • 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
  • Partnerships/LLCs as part of other entities
  • Financial and tax accounting for PPP loan forgiveness.
Designed for: CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current

Level: Intermediate

Instructor: Steven Dilley, CPA, JD, PhD

Developer: Federal Tax Workshop

CPE Credits: 4

Area(s) of Study: Accounting - Technical

Prerequisite: Basic working knowledge of financial accounting.


Visit Us:

3100 South Columbia Road
Suite 500
Grand Forks, ND 58201

Contact Us: 

 (701) 775-7111
or (877) 637-2727
Email: info@ndcpas.org

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