[WEB] Selected Partnership & LLC Tax Problems
The program will highlight some of the common partnership problems encountered by LLCs and LLPs.
- 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.
Early Registration Member Fee
Applicable if you are a HSCPA member in good standing and register by October 13, 2021.
Applicable if you are a HSCPA member in good standing.
Early Registration Non-Member Fee
Applicable if you are not a HSCPA and register by October 13, 2021.
Applicable if you are not a HSCPA member.