As long as LLCs, partnerships, and S corporations form the backbone of many CPAs’ practices, in-depth knowledge of all tax aspects of these entities will be essential. The purpose of this practical course is to focus on planning issues in creating, operating, and liquidating S corporations, partnerships, and LLCs. This course is essential for CPAs in public accounting and industry who advise these entities or their investors.
CPAs in public accounting and industry who want to learn planning strategies relevant to S corporations, partnerships, and LLCs.
- Identify current issues that practitioners are most often called on to address
- Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities
- Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment
- Evaluate the impact of the Tax Cuts and Jobs Act of 2017 on pass-through entities
- Be familiar with the results of the case studies that reinforce key learning points
- Updates on the Families First Coronavirus Response Act and the CARES Act
- Update on latest cases, rulings, and regulations including the final regs
- How to handle liabilities of LLCs
- Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more
- Planning for the provisions of the Tax Cuts and Jobs Act of 2017, including taking the best advantage of the §199A pass-through deduction
- Partnership planning -- Structuring partnership distributions and transfers of interests
- Optional basis adjustments -- §§754 and 732(d)
- Update on Small Business Health Reimbursement Arrangements
- How to take advantage of the new §179 and bonus depreciation rules of the Tax Cuts and Jobs Act of 2017
- Basis, distribution, redemption, and liquidation issues of S corporations
- Compensation in S corporations
- Sale of a partnership -- the best planning concepts
- What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning
- Partnership and LLC allocations
A basic course in partnership theory and S corporation theory.