Financial & Tax Accounting for Partnerships & LLCs

This program compares and contrasts the financial accounting for partnerships and LLCs, as well as discusses the tax accounting for these entities, with a thorough discussion of the important differences between financial accounting for partnership capital accounts and the tax accounting for partnership capital accounts. Financial accounting for operations of a partnership will also be addressed.

This course does not qualify for IRS credit.

Learning Objectives

Apply financial accounting in the partnership setting with special emphasis on accounting for capital accounts
Identify the Accounting Standards Codification and OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs

Major Topics

Review of the AICPA financial reporting framework for small and medium-sized entities
Integration of these financial reporting approaches with accounting for issues in the formation of partnerships and LLCs
Financial accounting issues arising from changes in ownership of partnership and LLCs
Financial vs. tax accounting for partnership/LLC capital accounts
Review of Section 704(b) substantial economic effect rules and their relation to financial accounting
The integration of financial accounting for partnerships/LLCs with the Form 1065
Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests
Deferred tax accounting for partnerships/LLCs

CPE Credits Available

4 CPE

4: Accounting&Auditing

Things to Know About This Course

Course Level

Intermediate

Prerequisites

Basic working knowledge of financial accounting

Advanced Preparation

None

Intended Audience

CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current

January 20, 2026