(CPE Savers) Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners

Code: CS-BTP4

Date Thursday, August 8, 2019
Time 8:30am - 12:00pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 4.0
Field(s)
of study
Taxes - Technical (4.0)
Instructor Lawrence Mohr, CPA
Baker Tilly Virchow Krause, LLP
Fees
Standard member fee $99.00
checkmarkStandard nonmember fee $129.00
Early member fee $49.00

Members: Please log in to receive member fee.

Description

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

Major subjects

  • 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

Learning objective(s)

  • 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

Notes:

Course code Code CS-BTP4
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
Format Group Live
Prerequisites Prereq. Experience with business taxation recommended.
Advance
prep
None