by Fmeaddons

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


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:


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


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

Advance Preparation


Additional information

Course Acronym


Field of Study



Product Type

Qualifies For

State Board Accreditation

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