Webinar Details
Course Description

In this webinar, Steven Dilley, PhD, CPA, JD will compare and contrast the financial accounting for partnerships and LLCs, as well as discuss the tax accounting for these entities. This webinar will include a thorough discussion of the important differences between financial and tax accounting for partnership capital accounts. Financial accounting for operations of a partnership will also be addressed.

The topics covered in this course will include: 

  • Financial accounting in the Form 1065
  • Deferred tax accounting for partnerships/LLCs.
  • How to complete of the Form 1065 Schedule M-1.
  • Partnerships/LLCs as part of other entities.
  • Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests.
  • The many legal forms of "partnerships"
  • Accounting Standards Codification and its application to partnerships and LLCs.
  • OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs.
  • AICPA financial reporting framework for small and medium-sized entities.
  • Integration of 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.
  • Section 704(b) substantial economic effect rules and their relation to financial accounting.
  • Integration of financial accounting for partnerships/LLCs with the Form 1065.
  • Financial accounting for the operations of a partnership/LLC.
  • Financial and tax accounting for PPP loan forgiveness.
Learning Objectives
  • Discover key issues related to partnerships and financial accounting.
  • Recognize the OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs.
  • Identify the AICPA financial reporting framework for small and medium-sized entities.
  • Discover the integration of financial reporting approaches with accounting for issues in the formation of partnerships and LLCs.
  • Explore financial accounting issues arising from changes in ownership of partnership and LLCs.
Prerequisites
  • Basic working knowledge of partnerships and LLCs.
Who Should Attend

CPAs and accounting/finance professionals who work with partnerships or LLCs. 

Advanced Preparation

None

Presenter Details
  • Steven Dilley
    • Presenter

    Steven C. Dilley, PhD, CPA, JD, is president of Federal Tax Workshops, Inc., in East Lansing, Michigan, where, for the past 37 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the U.S. He is nationally known for his knowledge of financial, accounting and tax issues of closely held businesses.

NASBA Sponsor
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa 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: NASBAregistry.org.
Date & Time
Wednesday, May 29, 2024

12:00 PM EDT (see additional timezones)

CPE
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    Self-Study: CPE certificates will be accessible through your dashboard immediately after passing the qualified assessment.

    For specific instructions on accessing your CPE, please see our FAQ section on our support page.

  • Multiple Attendees on Webinars: Each attendee should register separately for the webinar. If more than 1 attendee participated from the same device, please contact us after the event to let us know. For group signups for paid events, please contact us.

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