This course compares and contrasts the financial accounting for partnerships, LLCs, and S corporations, with the tax accounting aspects for these entities. The first part of the program will discuss the important differences between financial accounting and tax accounting for partnership capital accounts and the financial accounting operations of a partnership. The second part will address the many complex financial and tax accounting issues that are common in S corporation transactions, as well as common pitfalls and the new AICPA small GAAP accounting standards.
Review of the Accounting Standards Codification and its application to partnerships, LLCs and S corporations. Review of OCBOA and its application of difference business entities. Review of the AICPA financial reporting framework for small and medium-sized entities. The integration of financial accounting with the Form 1065 and Form 1120S. Review of Section 704(b) substantial economic effect rules and their relation to financial accounting. Deferred tax accounting for partnerships, LLCs and S corporations. Financial accounting for the operations of a partnership/LLC. Review of the new AICPA “small” GAAP rules. Required S status financial accounting disclosures. Financial accounting impact of the C to S election and the S to C election. Financial vs. tax accounting for loans to and from S corporations and their shareholders and S corporation investments in other entities.
Explore common differences between financial accounting and tax accounting for partnerships, S corporations, and LLCs. Provide an understanding of partnership capital accounts. Provide an understanding of the financial accounting aspects of S corporations.
Steve Dilley is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 35 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics.
In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and received the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award.
He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $299.00
Member Price $199.00