What works best for your client? Learn the pros and cons of the LLC, General Partnership, Limited Partnership and Limited Liability Partnership by focusing on planning and potential tax traps. A review of distinct advantages of these entities is coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, explore rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics. E-materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships.
- Allocate income, gain, loss and deduction among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities
- Assess the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity’s liabilities accordingly
- Determine the consequences of selling a partnership or LLC interest
- Calculate the basis of partnership or LLC following distributions of multiple properties
- Plan for the effects of a distribution of multiple properties
- Make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales and/or transfers of interests in the partnership
- Allocation of partnership and LLC income under Section 704(b)
- Allocations with respect to contributed property
- Allocation of partnership recourse liabilities under Section 752
- Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
- Advanced distribution rules
- Adjustments to the basis of partnership/LLC assets
- Sale of an interest in a partnership or LLC
Basic knowledge of business taxation.
- *AICPA members deduct an additional $30 from applicable price.
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.
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Dennis P. Riley, CPA, M.B.A.
Dennis Riley, CPA
Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses. He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Riley's experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.