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.
DESIGNED FOR
CPAs 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.
HIGHLIGHTS
- Wrapping up issues related to COVID-19 legislation
- Update on latest cases, rulings, and regulations including the final regs
- 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 beginning in 2023
- 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
COURSE LEVEL
Intermediate
PREREQUISITES
A basic course in partnership theory and S corporation theory
ADVANCE PREPARATION
None
ADDITIONAL NOTES