This seminar will provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.
CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems and planning strategies.
- Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
- Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
- Discuss the impact of cash and property distributions
- Explain the tax consequences of a sale of an interest and distinguish them from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
- Single-member limited liability companies as an alternative to subsidiaries
- Cancellation of indebtedness: new rules and regulations
- How the IRS views members or partners for Social Security purposes
- Special problems when forming an LLC
- Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, and the at-risk basis rules
- Distributions: is it just a disguised sale
- Death or retirement of a member or partner
- Step-up in basis issues
- Property transactions between the LLC/ LLP and its members or partners
- Partnership losses: when are they deductible
- Continuation and termination of an LLC/partnership in the context of a merger or acquisition
- Sale of an LLC interest - holding period and hot asset issues
- Impact of the new tax on investment income on the sale of an interest in a partnership or LLC
- New: Section 199A, technical termination of partnership repealed, other issues under 2017 Act
A basic course in LLCs/partnerships and/or experience with LLC/partnership clients.
- This seminar qualifies for CFP credit.
- This seminar qualifies for IRS credit.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.