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22WS-1346: Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Wednesday, January 11, 2023
Time 9:00am - 5:00pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Instructor Susan Smith, CPA
Surgent
Fees
Standard Member Fee $279.00
Standard Nonmember Fee $279.00

Description

As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation, via deeper life-cycle study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under ยง754 on transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC. With the right blend of legal and tax ramifications of LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.

Who should take this program?

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual

Major subjects

  • New capital account reporting requirements
  • CARES Act and effect on excess business losses and business interest deductions. Tax Relief Act clarifying guidance on effect of PPP loan forgiveness on tax attributes and partners' basis
  • New Schedule K-1 reporting forSection 743 adjustments
  • NewSchedule K-1 reporting forSection 704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • When to use "704(b) basis" for capital accounts versus "tax basis"
  • Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional & curative allocation methods
  • Multiple layers of Section 704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and its implication on each partner's own tax return
  • How Section 179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under Section 754 elections, and mandatory adjustments under Section 743 and Section 734 for partnerships who have NOT made the Section 754 election
  • Subsequent contributions of property with Section 754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new member
  • Special allocations require "substantial economic effect"; what are the requirements?
  • LLCs and self-employment tax to the members
  • Distributions -- current or liquidating, cash or property including the substituted basis rule
  • Termination/liquidation of an LLC

Learning objective(s)

  • Prepare more complicated partnership returns
  • Understand certain advanced concepts of partnership taxation

Notes:

Course code Code 22WS-1346
Sponsor Surgent
NASBA ID#: 103212
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. Knowledge and experience in business taxation
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.