2024 Financial & Tax Accounting for Partnerships & LLCs

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Basic working knowledge of financial accounting

  • Vendor
    • ACPEN
  • Level
    • Basic
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

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.



  • Presented by Arthur Werner

    • Delivery Format: Live Webcast Replay

    Designed For

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

    Objectives

    • Identify how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts

    Highlights

    • 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

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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