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Wednesday, November 13, 2024 Live Webcast

Partnership and LLC Core Tax Issues From Formation Through Liquidation (X1-PLTI-2024-01-WEBNR-318-01)

10:00 AM - 6:00 PM EST
webcast

Vendor Platform

8 CPE Credits in TX

OVERVIEW

As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation, via deeper life-cycle study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under §754 on transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC. With the right blend of legal and tax ramifications of LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.

DESIGNED FOR

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual.

BENEFITS

  • Prepare more complicated partnership returns
  • Understand certain advanced concepts of partnership taxation

HIGHLIGHTS

  • Reporting requirements for Schedules K-2 and K-3
  • Capital account reporting requirements
  • Schedule K-1 reporting for §743 adjustments
  • Schedule K-1 reporting for §704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • When to use “704(b) basis” for capital accounts versus “tax basis”
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional & curative allocation methods
  • Multiple layers of §704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and its implication on each partner’s own tax return
  • How §179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734 for partnerships who have NOT made the §754 election
  • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new member
  • Special allocations require "substantial economic effect"; what are the requirements
  • LLCs and self-employment tax to the members
  • Distributions - current or liquidating, cash or property including the substituted basis rule
  • Termination/liquidation of an LLC

COURSE LEVEL

Intermediate

PREREQUISITES

Knowledge and experience in business taxation

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • Qualifies for IRS credit

INSTRUCTOR

Michael Frost

Michael A. Frost, CPA, EA

Michael A. Frost, CPA, EA Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

PRICING

$269.00 - Member

$289.00 - Nonmember

Register Today


Note: Online pre-registration will close on November 13 at 9:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

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