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.

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

Prerequisites

Basic working knowledge of financial accounting

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

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.