This course 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.
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.
Basic working knowledge of financial reporting and partnership and S corporation taxation.
CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current.
Distinguish the financial accounting and tax aspect of S corporation and partnerships with special emphasis on accounting for capital accounts.
Steven Dilley, Federal Tax Workshops Inc
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 $289.00
Member Price $239.00
Registration for this event is closed.