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Financial & Tax Accounting for Partnerships & LLCs


Total Credits: 4 including 4 Accounting - Technical

Average Rating:
   4.7
Category:
ACPEN Tax Institute |  Accounting and Auditing
Faculty:
Steven C. Dilley, CPA, JD, PhD
Course Levels:
Intermediate
Duration:
4 Hours
License:
Never expires.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


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.

Basic Course Information

Learning Objective
  • To help understand how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts.

Major Subjects
  • 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.

Handouts

Faculty

Steven C. Dilley, CPA, JD, PhD's Profile

Steven C. Dilley, CPA, JD, PhD Related seminars and products


Steven C. Dilley, CPA, JD, PhD is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 36 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting and was nominated in 2004 for the "Educator of the Year Award." He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.


Dates

Tue, Sep 28, 2021 - 01:00pm to 04:44pm CDT
Wed, Oct 13, 2021 - 09:00am to 12:44pm CDT
Tue, Oct 26, 2021 - 01:00pm to 04:44pm CDT
Thu, Nov 04, 2021 - 09:00am to 12:44pm CDT
Fri, Nov 19, 2021 - 01:00pm to 04:44pm CST
Sat, Dec 11, 2021 - 09:00am to 12:44pm CST
Wed, Dec 22, 2021 - 01:00pm to 04:44pm CST

Additional Info

Basic Course Information

Prerequisites

Basic working knowledge of financial accounting.


Advanced Preparation

None


Designed For

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


Original Recording Date

05/01/2020


Yellow Book

No


Course Developer

Federal Tax Workshop


Date Added to Catalog

04/01/2021


Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Live Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.


Reviews

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Overall:      4.7

Total Reviews: 17

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