With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the birth, growth, maturity, and death of a closely held partnership/LLC. This case driven course will deal with partnership/LLC income tax laws from formation to liquidation.
Once participants have completed this session, they should be able to: •Form a partnership/LLC and calculate the entity’s initial inside basis in the assets and partner/member’s outside basis in the entity •Understand the operational issues during the growth and maturity of a partnership/LLC and how the schedule K items get allocated to the partners/members on their individual Schedule K-1 effecting outside basis •Comprehend the tax ramifications of the sale versus redemption of a partnership/member interest
This class will review the 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 •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 stated versus non-separately stated income and expense items •Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax •Calculating the tax and §704(b) book capital accounts •Substantial economic effect requirement to have special allocations to the partners/members •Allocation of recourse & non-recourse debt on K-1s •Guaranteed payment issues and tax treatment of fringe benefits •Self-employment tax issues and pitfalls •Tax treatment of distributions - cash versus non-cash & liquidating versus non-liquidating •Sales and liquidations (redemptions) of partnership interests •§754 optional basis adjustments and mandatory adjustments
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 email 30 minutes prior to the start of a live online program.
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Also Available As
Monday, September 12, 2022 (8:30 am–4:15 pm ET)
Monday, November 28, 2022 (8:30 am–4:15 pm ET)
Wednesday, December 28, 2022 (8:30 am–4:15 pm ET)
Thursday, January 12, 2023 (8:30 am–4:15 pm ET)
Monday, July 18, 2022 (8:30 am–4:15 pm ET)
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