COURSE #: 2019080116
Nonmembers CPAs pay an additional $21.25 per credit hour for CE classes; nonmember CPAs will be held responsible for paying this additional amount.
Flash Alert. Hot Issues of 2019. Recent Developments. Steve will explain what you need to know about partnerships and limited liability companies*. He will discuss recent tax legislative changes affecting partnerships and LLCs with comments on recently enacted section 199A, the pass-through deduction. He will discuss the self-employment tax. He will discuss a significant development involving at-risk that affects your real estate clients and LLCs. He will update you on how recently passed tax legislation affects pass-through entities. Each of these issues are significant by themselves. Together, they could affect your client’s choice of business entity. Get up-to-date information. Sign up now.
*Course material will be the new CCH, Inc. Ninth Edition textbook, Practical Guide to Partnerships and LLCs, and Steve’s Supplemental Material.
This course will bring you up to date on the important tax issues affecting your clients operating as partnerships and limited liability companies. Partnership and LLC taxation can be complicated. Congress, by enacting stiffer tax return preparer penalty rules, has said, in essence, that you must be a knowledgeable tax preparer of these returns. Your instructor will address the important tax issues of contributed property and maintaining capital accounts; special allocations and substantial economic effect; the importance of the qualified income offset to members of LLCs; the tax definition of recourse and non-recourse debt, and how it is allocated and reported on the K-1; what you must know about how the at-risk rules apply to LLCs; the importance of the Texas LLC statute; and much more!
While there are no prerequisites, parts of the course will seem basic, intermediate, or advanced, depending on your familiarity in the area.
As a participant, you will receive an excellent resource, Practical Guide to Partnerships and LLCs, a 569-page ninth edition textbook published by CCH, Inc. The textbook is comprehensive, clearly written and provides practical guidance on this complex subject. Your instructor says this is his “go to” book on partnership/LLC tax issues and, by itself, is worth the price of admission.
Your instructor, Steven J. Tillinger, CPA, receives excellent evaluations in this course. He is known for making tax interesting and making highly technical material understandable. Sign up now for this highly-rated, popular course.
To review the rules on the federal income taxation of partnerships and limited liability companies, and to provide an update of recent developments.
Proposed Audience/Designed For
Tax practitioners, whether working in public accounting or in private industry, who need to understand the federal income taxation of partnerships and limited liability companies.
The course is designed for practitioners who need to understand partnership/LLC taxation. Topics to be covered will be selected from the following:
* Legislative update
* Classification of Entity as a Partnership or LLC
* Texas LLC Statute and the Company Agreement
* Formation & Operation of the Partnership/LLC
* Allocation of Partnership/LLC Tax Items
* Owner’s Share of Partnership/LLC Debt
* Loss Limitation Rules
* Transactions between an Owner and Partnership/LLC
* Distributions from Partnership/LLC to Owners
* Section 754 Election
Stated Learning Objectives
* To review the tax rules affecting the formation and operation of a partnership and limited liability company
* To update the tax practitioner on recent developments in federal income taxation of partnerships and limited liability companies
* To recognize planning opportunities due to changes in federal income tax law
* To prepare the tax practitioner for discussions with clients on important issues in this area of tax law
* To help the tax practitioner understand his/her reporting responsibilities
No advanced preparation is necessary. Some basic knowledge of partnership taxation and some tax preparation experience would be helpful.
Lunch will be served both days
16 CE hours