Financial Accounting for LLCs, Partnerships and S Corporations

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-9278. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

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.

Highlights

• 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 accounting

Designed For

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

Objectives

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

Preparation

None