Proper Financial Accounting for Partnerships and LLCs
4.00 Credits
Member Price $159
Non-Member Price $189
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
Leader(s):
Leader Bios
Douglas Van Der Aa, Federal Tax Workshops
Doug Van Der Aa, CPA, J.D., has been a discussion leader for Federal Tax Workshops, Inc., for the past 10 years. He has extensive experience in leading discussions in conferences, seminars and webinars. Doug has over 20 years of experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. Formerly, Doug was a tax manager with Hungerford, Aldrin, Nichols & Carter, P.C. in Grand Rapids, Michigan, where his practice concentrated on the tax needs of mid-sized closely held businesses, with their related pass-through entities, complex individual returns including AMT issues, together with their estates and trusts.
Non-Member Price $189
Member Price $159