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Monday, December 23, 2024 Live Webcast

Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials (X3-4514447)

9:00 AM - 5:00 PM EST
webcast

Vendor Platform

8 CPE Credits in TX

OVERVIEW

Most U.S. businesses are formed as a pass-through entity, which includes partnerships. 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 analytical skills. Talking about tax can sometimes sound like you're speaking a foreign language in front of your clients. You can leverage the tone of the course materials to explain complex issues with accuracy and confidence.

DESIGNED FOR

public accounting staff and seniors 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.
  • Calculate the tax basis of assets transferred to a partnership or LLC at formation.
  • Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
  • Calculate the partner’s or member’s remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
  • Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
  • Distinguish between “book” allocations required under Section 704(b) and “tax” allocations required under Section 704(c).
  • Identify the potential economic consequences of a special allocation to a partner or LLC member.

HIGHLIGHTS

  • Basic tax structure of partnerships and LLCs
  • Electing to be taxed as a partnership: “Check-the-box” rules
  • 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, specializing in partnership and S corporation tax law as well as IRS audits and procedures. She has been 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 the Tax Cuts and Jobs Act. She prepares all types of tax returns and utilizes her forensic accounting skills for potential IRS criminal prosecution. Having spent more than 32 years at the IRS, Debbie retired from its Large Business and International Division, where she was a senior manager in the Flow-Through Issue Practice Group, which specialized in S corporation and partnership tax. She was the operations and technical assistant to the Deputy Commissioner International; the technical assistant to the Director of PFTG; a territory manager in the retail, food and pharmaceuticals industries; a team manager in the heavy manufacturing industry; and the IRC Section 263A Technical Advisor. Debbie taught accounting and taxation as an adjunct at Delaware State University, Wilmington College and Goldey-Beacom College. She has been a seminar presenter for over 24 years and a textbook author. She regularly receives the Surgent Outstanding Discussion Leader Award.

    PRICING

    $332.00 - Member

    $403.00 - Nonmember

    Register Today


    Note: Online pre-registration will close on December 23 at 8:30 AM.

    ADDITIONAL OPTIONS

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    COURSE DEVELOPER

    AICPA/NJCPA

    AREAS OF INTEREST