[WEB] Selected Partnership & LLC Tax Problems

Course Details

Date

Wednesday, October 27, 2021

8:30am – 4:00pm
(Registration: 8:30am)

Course Number

SPLLC

CPE Credit

8.0 hours CPE credit

Instructor

Level of Knowledge

Intermediate

Vendor

Accountant's Education Services (AES)

Prerequisites

Basic understanding of partnership and LLC taxation

Description

The program will highlight some of the common partnership problems encountered by LLCs and LLPs.

Objectives

  • Discuss the specific tax problems related to LLCs and LLPs, including: classification problems and check-the-box regulations; taxable year-ends; self-employment tax; method of accounting; discharge of indebtedness income; retirement; special allocations.
  • Discuss the tax problems associated with contribution of property to a partnership, the application of 704(c) to the contributed property, and reverse 704(c) allocations.
  • Identify key terms that are found in an operating agreement.
  • Describe the difference between book and tax basis capital accounts and whose obligation it is to keep track of a partner's basis in the partnership.  
  • Define the term debt and differentiate between recourse and nonrecourse debt.
  • Discuss the tax effect of receiving a capital and/or profits interest for services.
  • Determine whether the income generated by an LLC or LLP is subject to self-employment tax.
  • Calculate the deduction for qualified business income under 199A and discuss the forthcoming changes to the 199A deduction. 
  • Differentiate the tax effects if a member sells its interest to a third party or the LLC redeems a members interest in the LLC.
  • Distinguish a current distribution from a liquidating distribution.
  • Discuss the pros and cons of advising an LLC to make a 754 election.
  • Describe the basic tax effects if a member retires or dies.
  • Discuss the 754 election and revoking the 754 election by filing a Form 15254.
  • Discuss whether an LLC is a tax shelter which is required to use the accrual method and is subject to the business interest expense rules of Form 8990.
  • Discuss the opting out of the partnership audit rules and the business interest expense rules for a partnership engaged in a real property trade or business.
  • Discuss using the aggregation rules of 448(c) to determine if average annual gross receipts exceed $26 million.
  • Discuss the SALT Parity Act. 

Course Pricing

Early Registration Member Fee

Applicable if you are a HSCPA member in good standing and register by October 13, 2021.

$280.00
Member Fee

Applicable if you are a HSCPA member in good standing.

$330.00
Early Registration Non-Member Fee

Applicable if you are not a HSCPA and register by October 13, 2021.

$430.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$480.00
Your Price $430.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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