Financial & Tax Accounting for S Corporations & Partnerships

This program compares and contrasts the financial and tax accounting differences of partnerships, LLCs, and S corporations, as well as discuss the tax accounting for these entities. 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:

After attending this presentation you will be able to...

• Distinguish the financial accounting and tax aspect of S corporation and partnerships with special emphasis on accounting for capital accounts

Program Content:

The major topics that will be covered in this class include:

• Review the Accounting Standards Codification, OCBOA/Special Purpose Frameworks, and AICPA financial reporting framework and their application to partnerships, LLCs and S corporations
• Financial accounting issues arising from changes in ownership
• Financial vs. tax accounting for partnership/LLC capital accounts
• Section 704(b) substantial economic effect rules and their relation to financial accounting
• The integration of financial accounting with Forms 1065 and 1120S
• Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests
• Deferred tax accounting for partnerships/LLCs and S corporations
• Financial accounting for the operations of a partnership/LLC
• Financial accounting impact of the C to S election and the S to C election
• Financial and tax accounting for S corporation shareholder equity and partner capital accounts
• Financial vs. tax accounting for loans to and from S corporations and their shareholders

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: 8

Area of Study: Accounting