Surgent's Top 10 Tax Issues in Dealing with LLCs and Partnerships (Self-Study)

Code: JSDLLP10

Date Valid for one year from purchase date
Format Self-Study (Downloadable PDF)
CPE credits CPE 8.0
Specialty
credits
8.0 IRS CE approved
Field(s)
of study
Taxes - Technical (8.0)
Fees
Standard member fee $125.00
checkmarkStandard nonmember fee $125.00

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Description

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.

Who should take this program?

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

Major subjects

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

Learning objective(s)

  • 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
  • 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
  • NEW: Be familiar with the new tax act as such changes affect the LLC

Notes:

Course code Code JSDLLP10
Sponsor Surgent
NASBA ID#: 103212
Level Intermediate
Format Self-Study (Downloadable PDF)
Prerequisites Prereq. A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs
Advance
prep
None