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Date and Time: Wednesday, June 22, 9:00 am-12:50 pm EST

Description: This program compares and contrasts the financial accounting for partnerships and LLCs, as well as discusses the tax accounting for these entities, with 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.

Learning Objectives: Apply financial accounting in the partnership setting with special emphasis on accounting for capital accounts.

Program Content:

  • Review of the Accounting Standards Codification and 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.

Who should attend: CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current.

Program Level: Intermediate

Developed By: Federal Tax Workshops, Inc

Instructor: Steven C. Dilley, CPA, JD, PhD

CPE Credit: 4

Field of Study: Accounting

Prerequisites: Basic working knowledge of financial accounting.

Advanced Preparation: None

Steven C. Dilley, CPA, JD, PhD

Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.

In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.

Only enrolled student have access to course materials