CPAs in public practice and members in industry.
After attending this presentation you will be able to...
- 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
The major topics covered in this class include:
- 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.