Tax Cluster: The Top Five Tax Issues in Dealing with LLCs & Partnerships - A Virtual Event
Overview
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Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.
This course qualifies for IRS credit.
Highlights
- Summary of important provisions of the Tax Cuts and Jobs Act of 2017, specifically including the critical §199A and the final regulations thereunder, and the latest updates
- Summary of the CARES Act (and related acts) and subsequent stimulus acts: the "Second" Act and the "Third" Act
- Self-employment tax issues: what you can and cannot do
- Capital accounts: book vs. tax issues
- Determining basis: key issues and technical analysis in calculating basis
- Dealing with debt: recourse, nonrecourse, and why it matters
- Guaranteed payments, distributive shares, and draws: understanding the difference
Prerequisites
A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs
Designed For
Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax law
Objectives
- Identify §199A issues for your clients
- Identify and distinguish guaranteed payments and distributive shares
- Understand the relationship between capital account maintenance and outside basis adjustment
- Define various kinds of partnership liabilities and explain the tax consequences of each
Preparation
None
Notice
Leader(s):
Leader Bios
Gregory Carnes, University of North Alabama
Gregory Carnes is Raburn Eminent Scholar of Accounting at the University of North Alabama and also serves as MBA Program Director. He currently serves as Chair of the Education Committee of the ASCPA and as President of the North Alabama ASCPA chapter. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. Dr. Carnes previously served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers, and The CPA Journal. He is a contributing author on Federal Taxation and Corporate, Partnership, and Estate & Gift Taxation (Thomson Publishing), popular textbooks used in undergraduate and graduate taxation courses. His primary teaching interests are in Partnership Taxation and Taxation of Compensation and Benefits. He also authors material for CPA Excel, one of the nation’s leading CPA Review courses. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs, and the American Taxation Association. He has also provided tax training for national accounting firms and the AICPA.
Non-Member Price $195.00
Member Price $165.00