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Tuesday, December 22, 2020 Webcast

Tax Fundamentals of LLCs and Partnerships (X3-2207022)

10:30 AM - 6:30 PM EST
webcast

Webcast

8.0 CPE Credits in TX

OVERVIEW

LLC and partnership taxation are considered by many to be one of the most complex areas of our Internal Revenue Code. If you are new to the subject, or if you have worked in this area for years but need a quick review, this course will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge and freshen up your skills. This course addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships. Develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, with an emphasis on explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners.

DESIGNED FOR

Public accounting staff, seniors, supervisors, and tax professionals in company finance or tax departments.

BENEFITS

  • Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest
  • Indicate how investors in partnerships and LLCs report their shares of entity income and loss for tax purposes, and how those shares affect the basis of their investments in the entity
  • Calculate the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation
  • Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation
  • Determine the basis in the investor’s hands of property received as a distribution from a partnership or limited liability company (LLC)
  • Indicate the effects of liabilities assumed by a partner or LLC member in connection with a property distribution
  • Determine whether payments to a partner will be treated as guaranteed payments, distributive shares, or payments to a third party
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner
  • Differentiate the limitations that apply to partners’ or limited liability company (LLC) members’ distributive share of losses from those of a partnership or LLC
  • Calculate the basis and amount at risk in a partnership or LLC interest for purposes of the passive loss limitation rules
  • Determine whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations, and when they will not be recognized by the IRS
  • Identify the potential economic consequences to a partner or LLC member of a special allocation
  • Recognize what information should be disclosed on a Schedule K-1 received from a partnership or LLC

HIGHLIGHTS

  • Basic tax structure of partnerships and LLCs
  • Tax consequences of partnership or LLC formation
  • Partnership distributions
  • Compensatory payments to partners
  • At-risk and passive activity limits
  • Profit and loss allocations: general rules and restrictions

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

Deborah Phillips

Deborah A. Phillips, CPA, MST

Surgent Professional Education

Debbie operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. She has been very successful petitioning and resolving tax issues under the jurisdiction of the United States Tax Court. She is proficient in Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. Previously, Debbie worked for the Internal Revenue Service (IRS) for more than 32 years, with experience in its Large Business and International Division (LB&I) and its Flow Through Issue Practice Group (IPG), along with various retail and manufacturing industry groups. In addition, Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for approximately 20 years as well as a textbook author. In 2015 through 2017, she received the Surgent Outstanding Discussion Leader Award.

PRICING

$279.00 - Member

$339.00 - Non Member

Register Today


Note: Online pre-registration will close on December 22 at 10:00 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

AICPA/NJCPA