(CPE Savers) Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners
Thursday, August 8, 2019
Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
Taxes - Technical (4.0)
Baker Tilly Virchow Krause, LLP
Standard member fee
Standard nonmember fee
Early member fee
to receive member fee.
We all make mistakes. Take this opportunity to learn about common pitfalls business taxpayers fall into before you make the mistake. Explore the law underlying the discussed tax or practice issues, which will boost your knowledge and improve your tax return preparation processes. Come away with guidance to avoid missteps and plan for better tax results for your company or business clients.
This course is part of the CPE Savers program, seminars led by new MNCPA instructors.
Who should take this program?
Tax practitioners with business clients, and tax professionals responsible for tax planning for their company
Professional practice and reporting issues for all entities
IRS battles against blind basis
What's next with the Department of Labor (DOL), coupled with the grammar police
Pernicious precedents in payroll penalties -- enforcement activities are hot
Can I amend prior returns to correct an impermissible accounting method?
Limited liability companies (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
Business issues and the significant tax problems in related party transactions
Eyeing big benefits for small business
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
Describe the character of partner/member distributions and earnings on pensions
Identify the employment tax regime applicable to partners and members
State why guarantees are useful to an LLC member
NASBA ID#: 139884
Experience with business taxation recommended.