Proper Financial Accounting for Partnerships and LLCs
Overview
Although they are the most common entities for small and mid-sized business, financial (book) accounting for partnerships and LLCs are rarely discussed. This course examines the proper financial accounting for these tax-driven entities.
Highlights
- Importance of Partnership capital accounts
- Book vs tax capital accounts
- Partnership capital contributions
- Section 704(b) capital rules and OCBOA
- GAAP balance sheet impact of capital contributions
- Bonus and Goodwill methods
- Ceiling Rule and Remedial allocations
- GAAP partner capital accounts
Prerequisites
Basic working knowledge of business taxation
Designed For
CPAs in public practice and members in industry seeking a better understanding of financial accounting for partnerships and LLCs
Objectives
- Apply financial accounting concepts to partnerships and LLCs
- Identify planning strategies and potential pitfalls.
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 Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Doug Van Der Aa, Federal Tax Workshops Inc
Doug has been a discussion leader for Federal Tax Workshops, Inc., for the past 11 years. He is a lively and energetic speaker – especially on the subject of taxes and ethics, and has extensive experience in leading discussions in conferences, seminars and webinars. He is a regular and highly rated speaker and seminar leader for CPA associations other organizations throughout the country. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts. Doug taught for 10 years as an Adjunct Instructor and for one year as Assistant Professor of Accounting and Taxation for Grand Valley State University’s Seidman College of Business, where he taught in both the undergraduate and MST programs. He earned his Bachelor of Arts degree with a major in accounting from Dordt College and his Juris Doctor from the University of Illinois College of Law.
Non-Member Price $159.00
Member Price $129.00