Financial & Tax Accounting for S Corporations & Partnerships

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Overview

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.

Highlights

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.

Designed For

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

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

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Steven Dilley PhD, Federal Tax Workshops Inc

Leader Bios

Steven Dilley PhD, Federal Tax Workshops Inc

Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his PhD in accounting from the University of Wisconsin-Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW-Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPAs, the Michigan Association of CPAs, the American Accounting Association, the American Institute of CPAs, the American Taxation Association, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.

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