This course compares and contrasts the financial accounting for partnerships, LLCs and S corporations from the tax accounting perspective for these entities. Important differences between financial and tax accounting for partnership capital accounts will be discussed, as well as the financial accounting for operations of a partnership. The many complex financial and tax accounting issues that are common in S corporation transactions, as well as common pitfalls and the AICPA “small” GAAP accounting standards, will also be addressed.
Review of the Accounting Standard Codification and its application to partnerships, LLCs, and S Corporations. Review of OCBOA and its application to different business entities. Review of AICPA financial reporting framework for small and medium-sized entities. Integration of financial accounting with Form 1065 and Form 1120S. Section 704(b) substantial economic effect rules and their relation to financial accounting. Deferred tax accounting for partnerships, LLCs and S corporations. Review of AICPA “small” GAAP rules. Financial accounting impact of the C to S and 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. Financial and tax accounting for PPP loan forgiveness.
Basic working knowledge of the financial and tax accounting issues of partnerships and S corporations.
CPAs in public practice and members in industry.
Explore common differences between financial accounting and tax accounting for partnerships, LLCs and S corporations. Provide an understanding of partnership capital accounts and 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 $279.00
Member Price $229.00