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Monday, December 16, 2024 Live Webcast

Advanced Critical Tax Issues for Limited Liability Companies and Partnerships (X1-ACTL-2024-01-WEBNR-351-01)

10:00 AM - 6:00 PM EST
webcast

Vendor Platform

8 CPE Credits in TX

OVERVIEW

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

DESIGNED FOR

CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems and planning strategies.

BENEFITS

  • 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 such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
  • Complete a case study to improve advocacy skills before the IRS

HIGHLIGHTS

  • Single-member limited liability companies as an alternative to subsidiaries
  • Cancellation of indebtedness: 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, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees
  • Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
  • Death or retirement of a member or partner -- Understanding the alternatives
  • Step-up in basis issues -- How to make the computations and elections
  • Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property
  • Partnership losses: when are they deductible?  See, in particular, TCJA and CARES override
  • Material participation rules for LLC members and limited partners: how they affect passive loss issues
  • Continuation and termination of an LLC/partnership in the context of a merger or acquisition
  • Sales of an LLC Interest -- holding period, and hot asset issues
  • Impact of the tax on investment income on the sale of an interest in a partnership or LLC
  • Repeal of technical termination of partnership provision

COURSE LEVEL

Advanced

PREREQUISITES

A basic course in LLCs/partnerships or equivalent knowledge and experience

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for CFP credit.
  • This seminar qualifies for IRS credit.

Please call Surgent Help, 800-778-7436, if you need a EA/IRS CPE Certificate.

INSTRUCTOR

Susan Smith

Susan Smith, CPA

Surgent Professional Education

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015 and 2016, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

PRICING

$269.00 - Member

$289.00 - Nonmember

Register Today


Note: Online pre-registration will close on December 16 at 9:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

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