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Financial Accounting for LLCs, Partnerships and S Corporations

Friday, May 29, 2020 7:00am - 3:00pm

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This 2-part presentation first compares and contrasts the financial accounting for partnerships/LLCs and the tax accounting for these entities. It then addresses the many complex financial accounting issues of an S corporation, including financial accounting and tax accounting for common S corporation transactions.

Objectives

  • Apply financial accounting concepts in the partnership setting with special emphasis on accounting for capital accounts
  • Apply financial accounting aspects to S corporations
  • Distinguish common differences between financial accounting for S corporations and tax accounting for S corporationsrJI74Sf5xUirLOTOfUorjQ.png

Instructors


Designed For

Those working with partnerships, LLCs and S corporations and members in business and industry seeking to keep their knowledge current.


Highlights

Part 1 –Partnerships and LLCs: Financial Accounting

  • Review of the Accounting Standards Codification and its application to partnerships and LLCs
  • Review of the OCBOA and its application to partnerships and LLCs
  • Financial accounting issues in the formation of partnerships and LLCs
  • Financial vs. tax accounting for partnership/LLC capital accounts
  • Sec. 704(b) substantial economic effect rules and their relation to financial accounting
  • Integration of financial accounting for partnerships/LLCs with the Form 106

Part 2 –S Corporations: Financial Accounting

  • Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations
  • OCBOA and its relationship to financial accounting for S corporations
  • Impact of the entity's tax status history on its financial accounting
  • Deferred tax accounting for S corporations
  • Required S status financial accounting disclosures
  • Financial accounting impact of the C to S election and the S to C election
  • The relationship of financial accounting and the Form 1120S
  • Financial and tax accounting for S corporation shareholder equity accounts
  • Financial vs. tax accounting for loans to and from S corporations and their shareholders
  • Financial accounting vs. tax accounting for S corporation investment in other entities

This event is currently not available for registration. If you have any questions, please give us a call at 405-841-3800 or email us at cpe@oscpa.com.

Instructors

Steven C. Dilley

Steven C. Dilley, CPA, JD, PhD, is president of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a professor of accounting at Michigan State University, where he teaches tax accounting and has recently received two teaching awards. 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.


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