Overview

8.0 Credits
ONLINE

As long as LLCs, partnerships, and S corporations form the backbone of many CPAs’ practices, in-depth knowledge of all tax aspects of these entities will be essential. Focus on planning issues in creating, operating, and liquidating S corporations, partnerships and LLCs. This course is necessary for CPAs in public accounting and industry who advise these entities or their investors.

Objectives

  • Identify current issues that practitioners are most often called on to address
  • Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities
  • Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment
  • Evaluate the impact of the Tax Cuts and Jobs Act of 2017 and the related regulations on pass-through entities
  • Identify planning opportunities under current laws and regulations
  • Be familiar with the results of the case studies that reinforce key learning points

Major Topics

  • Update on latest cases, rulings, and regulations including the final regs
  • How to handle liabilities of LLCs
  • Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more
  • Planning for the provisions of the Tax Cuts and Jobs Act of 2017, including taking the best advantage of the §199A pass-through deduction
  • Partnership planning -- Structuring partnership distributions and transfers of interests
  • Optional basis adjustments -- §§754 and 732(d)
  • Update on Small Business Health Reimbursement Arrangements
  • How to take advantage of the new §179 and bonus depreciation rules of the Tax Cuts and Jobs Act of 2017
  • Basis, distribution, redemption, and liquidation issues of S corporations
  • Compensation in S corporations
  • Sale of a partnership -- the best planning concepts
  • What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning
  • Partnership and LLC allocations
  • Other provisions of the Tax Cuts and Jobs Act of 2017, with emphasis on its impact on pass-throughs and their owners

Prerequisite

A basic course in partnership theory and S corporation theory

Advanced Preparation

None

Sessions

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Friday, August 28, 2020

General Sessions
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