Financial & Tax Accounting for Partnerships & LLCs

Overview

You could pay $0 for this course!

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.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-9292. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

• 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.

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

Apply financial accounting in the partnership setting with special emphasis on accounting for capital accounts

Preparation

None