Define the financial accounting and tax aspect of S corporation and partnerships with special emphasis on accounting for capital accounts.
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.
Prerequisites:
Basic working knowledge of financial accounting.
Advanced Preparation:
None
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Through May 28: $289 MICPA Members /
$439 Non-Members
May 29 - June 11: $309 MICPA Members / $459 Non-Members
June 12 - June 25: $329 MICPA Members / $479 Non-Members
- 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
CPAs working with partnerships/LLCs and/or partnerships and members in business and industry seeking to keep their knowledge current.
- Accounting
- Steven C. Dilley
Member
Non-Member