Proper Financial Accounting for Partnerships and LLCs (4 hours)

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.

Notice

“Adding to Calendar” does not register you for this event. Please either register online by clicking “Add to Cart” or contacting OSCPA at 503-641-7200 / 800-255-1470, ext. 3. Thank you!