Financial and Tax Accounting for Business Entities
Course Code:
FTSDFTA8
Program Level:
Intermediate
Description:
This course compares and contrasts the financial accounting for partnerships, LLCs, and S corporations, with the tax accounting aspects for these entities. The first part of the program will discuss the important differences between financial accounting and tax accounting for partnership capital accounts and the financial accounting operations of a partnership.
The second part will address the many complex financial and tax accounting issues that are common in S corporation transactions, as well as common pitfalls and the new AICPA small GAAP accounting standards.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. Learning Objectives:
The second part will address the many complex financial and tax accounting issues that are common in S corporation transactions, as well as common pitfalls and the new AICPA small GAAP accounting standards.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. Learning Objectives:
- Explore common differences between financial accounting and tax accounting for partnerships, S corporations, and LLCs.
- Provide an understanding of partnership capital accounts.
- Provide an understanding of the financial accounting aspects of S corporations.
- Review of the Accounting Standards Codification and its application to partnerships, LLCs and S corporations.
- Review of OCBOA and its application of difference business entities.
- Review of the AICPA financial reporting framework for small and medium-sized entities.
- The integration of financial accounting with the Form 1065 and Form 1120S.
- Review of Section 704(b) substantial economic effect rules and their relation to financial accounting.
- Deferred tax accounting for partnerships, LLCs and S corporations.
- Financial accounting for the operations of a partnership/LLC.
- Review of the new AICPA "small" GAAP rules.
- Required S status financial accounting disclosures.
- Financial accounting impact of the C to S election and the 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.
