Proper Financial Accounting for Partnerships and LLCs

Description

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

Objectives

	
• Apply financial accounting concepts to partnerships and LLCs
	
• Identify planning strategies and potential pitfalls.

Designed For

CPAs in public practice and members in industry seeking a better understanding of financial accounting for partnerships and LLCs