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 provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.