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Financial & Tax Accounting for Partnerships & LLCs

  • 10/08/2022
  • 10:00 AM - 1:40 PM
  • Webinar-ACPEN



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.

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to

          Learning Objectives: 

          Key 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
          • 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.

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                                                                                                              3100 South Columbia Road
                                                                                                              Suite 500
                                                                                                              Grand Forks, ND 58201

                                                                                                              Contact Us: 

                                                                                                               (701) 775-7111
                                                                                                              or (877) 637-2727

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