This course reviews of the Accounting Standards Codification and OCBOA/Special Purpose Frameworks, AICPA financial reporting framework for small and medium-sized entities, and their application to partnerships and LLCs * 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 * 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 * Completion of the Form 1065 Schedule M-1 * Financial accounting for the operations of a partnership/LLC * Partnerships/LLCs as part of other entities * Financial and tax accounting for PPP loan forgiveness.

Event Level: Intermediate
Required Knowledge: Basic working knowledge of financial accounting
Advanced Preparation: None
Who Should Attend: CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current
Vendor: Federal Tax Workshop
Speaker: Steve Dilley