Description

This program compares and contrasts the financial and tax accounting differences of partnerships, LLCs, and S corporations, as well as discuss the tax accounting for these entities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Presented by Federal Tax Workshops, Inc

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

Target Audience

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

Course Objectives

After attending this presentation you will be able to...

• Distinguish the financial accounting and tax aspect of S corporation and partnerships with special emphasis on accounting for capital accounts

Subjects

The major topics that will be covered in this class include:

• Review the Accounting Standards Codification, OCBOA/Special Purpose Frameworks, and AICPA financial reporting framework and their application to partnerships, LLCs and S corporations
• Financial accounting issues arising from changes in ownership
• Financial vs. tax accounting for partnership/LLC capital accounts
• Section 704(b) substantial economic effect rules and their relation to financial accounting
• The integration of financial accounting with Forms 1065 and 1120S
• Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests
• Deferred tax accounting for partnerships/LLCs and S corporations
• Financial accounting for the operations of a partnership/LLC
• Financial accounting impact of the C to S election and the S to C election
• Financial and tax accounting for S corporation shareholder equity and partner capital accounts
• Financial vs. tax accounting for loans to and from S corporations and their shareholders

Prerequisites

Basic working knowledge of financial reporting and partnership and S corporation taxation.