COURSE #: 2020052938
INSTRUCTOR: Robert Nelson, JD, CPA
8 CE hours

Nonmembers CPAs pay an additional $21.25 per credit hour for CE classes; nonmember CPAs will be held responsible for paying this additional amount.

The purpose of this course is to provide a comprehensive understanding of basic and advanced partnership/LLC tax issues as well as an in-depth analysis of new Section 199A (Qualified Business Income 20% Deduction) for planning and reporting purposes. Specifically, the course will address the following issues:

• formation issues (i.e. taxability, profits interests)
• new 3 year holding period for carried interests
• new Section 199A (Qualified Business Income 20% Deduction)
• new business interest expense 30% limitation
• new choice of entity considerations​
• distribution planning
• special allocations
• capital accounts
• sections 704c, 704(b), 736, 751 and 754
• debt allocation and losses
• partnership agreements
• K-1s and Form 1065
• Texas Franchise Tax planning
• IRS audit considerations

Learning Objective(s):

To provide a comprehensive understanding of basic and advanced partnership/LLC tax issues as well as an update on tax law changes.

Prerequisites: The method of presentation is group-live instruction and the program level is basic to intermediate. There are no prerequisites for this course nor is there any advanced preparation required