2024 Financial & Tax Accounting for Partnerships & LLCs

Overview

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.

Prerequisites

Basic working knowledge of financial accounting

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