by Fmeaddons

Review of Current Critical Tax Issues for Partnerships and LLCs (TIPL)

$125

Review of Current Critical Tax Issues for Partnerships and LLCs (TIPL) is a complete CPE course that provides 8 credits in the field of Taxes for CPAs.

SKU: TIPL Category:

Description

This 8-credit CPE course is focused on the issues and challenges tax practitioners face when working with partnerships and limited liability companies (LLCs).

Major Topics

  • Summary of important provisions of the new tax act
  • Determining basis: key issues and technical analysis in calculating basis
  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Special allocations: flexibility and complexity
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference
  • Hot assets: beware of this complicated tax issue
  • Distributions: cash and property, built-in gain or loss
  • Retirement plan issues: planning options
  • Basis step-ups: the basic issues

Learning Objectives

  • NEW: Be familiar with the new tax act as such changes affect the LLC
  • Define various kinds of partnership liabilities and explain the tax consequences of each
  • Be familiar with the results of the case studies that reinforce key learning points
  • Identify and distinguish guaranteed payments, distributive shares, and draws liquidating distributions of cash or property
  • Understand the relationship between capital account maintenance and outside basis adjustment

Designed For

CPAs who wish to gain a more in-depth understanding of LLC and partnership tax law

Prerequisites

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Advance Preparation

None

Additional information

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Qualifies For

State Board Accreditation

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