by Fmeaddons

Avoiding Common LLC and Partnership Mistakes (ALPM)

$65

Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners is a CPE course that provides 4 credits in the field of taxes for tax practitioners.

SKU: ALPM Category:

Description

This 4-credit course explores how to avoid the most common pitfalls and obstacles that tax practitioners face when it comes to working with partnerships and LLCs.

Major Topics

  • Eyeing big benefits for small business
  • LLCs and partnerships: mistakes in allocation of debt, fringe benefits, and unreimbursed expenses; oversight in not taking into account limitations at the entity level; and pension issues
  • Professional practice and reporting issues for all entities
  • Pernicious precedents in payroll penalties, enforcement activities are hot
  • IRS battles against blind basis
  • Business issues and the significant tax problems in related party transactions
  • So what is next with the Department of Labor
  • Can I amend prior returns to correct an impermissible accounting method?
  • Don’t get caught watching the paint dry

Learning Objectives

  • State why guarantees are useful to an LLC member
  • Identify the employment tax regime applicable to partners and members
  • Describe the character of partner/member distributions and earnings on pensions
  • Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
  • Discuss which tax items are determined at the entity level

Designed For

All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies

Prerequisites

Experience with business clients

Advance Preparation

None

Additional information

Course Acronym

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Qualifies For

State Board Accreditation

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