Proper Financial Accounting for Partnerships and LLCs WEBCAST
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.
Notice
None.
Leader(s):
Leader Bios
Douglas Van Der Aa
Doug Van Der Aa is a Tax Manager for the Grand Rapids, Michigan firm of Hungerford, Aldrin, Nichols & Carter, PC, CPAs and Consultants, where he specializes in the preparation and review of individual, corporate, estate, trust and partnership tax returns for small and mid-sized businesses; acquisition, and reorganization and financing of corporations, limited partnerships and limited liability companies; complex commercial real estate transactions (Section 1031 tax-free exchanges, leasing, purchase/sale); tax research and planning. Over the past 10 years, Doug has taught several accounting and tax courses for Grand Valley State University, Hope College and Davenport University, as well as served as a speaker for the Michigan Association of CPAs. Doug received his B.S. in accounting from Dordt College and his Juris Doctor from the University of Illinois. He is a member of the MACPA, Michigan State Bar, AICPA and the Economic Club of Grand Rapids.
Non-Member Price $159.00
Member Price $129.00