Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.
DESIGNED FOR
CPAs who wish to gain a more in-depth understanding of LLC and partnership tax law.
BENEFITS
- Identify and distinguish guaranteed payments, distributive shares, and draws liquidating distributions of cash or property
- Understand the relationship between capital account maintenance and outside basis adjustment
- Define various kinds of partnership liabilities and explain the tax consequences of each
- Be familiar with the results of the case studies that reinforce key learning points
HIGHLIGHTS
- Self-employment tax issues: what you can and cannot do
- Capital accounts: book versus tax issues
- Determining basis: key issues and technical analysis in calculating basis draws: understanding the difference
- Guaranteed payments, distributive shares, and draws: understanding the difference
- Special allocations: flexibility and complexity
- Distributions: cash and property, built-in gain or loss
- Retirement plan issues: planning options
- Basis step-ups: the basic issues
- Hot assets: beware of this complicated tax issue
- Summary of important provisions of the Tax Cuts and Jobs Act of 2017
COURSE LEVEL
Intermediate
PREREQUISITES
A basic course in partnership theory, or experience in tax compliance or planning for partnerships and LLCs.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
This seminar qualifies for IRS credit.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.