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.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Accounting and Financial Professionals in public accounting and industry who want to learn planning strategies relevant to S corporations, partnerships, and LLCs
BENEFITS
- 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 recent legislation, guidance, and judicial decisions.
- Identify planning opportunities under current laws and regulations.
- Be familiar with the results of the case studies that reinforce key learning points.
- Be familiar with retirement plan provisions of the SECURE Act 2.0
HIGHLIGHTS
- Update on latest cases, rulings, and regulations including the final regs
- Provisions of Revenue Procedure 2022-19: Relief for S corporations
- Legislative update on retirement plan changes of the SECURE Act 2.0
- 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
- Section 199A pass-through deduction planning
- Partnership planning - Structuring partnership distributions and transfers of interests
- Optional basis adjustments - §§754 and 732(d)
- Planning for the utilization of §179 and for the scheduled phase out of bonus depreciation
- 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 brief look at possible future changes to the taxation of pass-through entities
- The who, what, when, where, and how of the new FinCEN BOI reporting requirements
PREREQUISITES
A basic course in partnership theory and S corporation theory
ADVANCE PREPARATION
None
ADDITIONAL NOTES