With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case-driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex federal partnership/LLC issues and problems.
Once participants have completed this session, they should be able to * Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity * Understand how the Schedule K items get allocated to the partners/members on their individual Schedule K-1 * Prepare a partnership’s initial tax and §704(b) book capital accounts and understand their purpose
* This class will review partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level * Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies * Topics include but are not limited to * Extensive review of the partnership tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) 20 percent qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits, and entertainment expenses * Overview of different forms of business entities including the check-the-box regulations * Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member * Schedule K and K-1—separately and nonseparately stated income and expense items * Substantial economic effect requirement to have special allocations to the partners/members * Allocation of recourse and nonrecourse debt on K-1s * Guaranteed payment issues and tax treatment of fringe benefits * Self-employment tax issues and pitfalls * §754 optional basis adjustments and mandatory adjustments * Tax treatment of distributions—cash versus noncash and liquidating versus nonliquidating * Overview of a partner/member’s outside basis and deductibility of losses
Who Should Attend
Tax professionals (in public or private industry) seeking a case-driven income tax return course addressing the most common, yet complex federal partnership and LLC issues and problems
Background in partnership and individual income tax law
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected].
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.
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Also Available As
Tuesday, September 29, 2020 (8:30 am–4:15 pm ET)
Monday, October 19, 2020 (8:30 am–4:15 pm ET)
Friday, November 13, 2020 (8:30 am–4:15 pm ET)
Monday, January 25, 2021 (9:00 am–4:45 pm ET)
Wednesday, March 3, 2021 (9:00 am–4:45 pm ET)
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