Early Bird Fees (through 11/4)
After 11/4, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE, LLC
Prerequisites: Experience in business taxation
Advanced prep: None
Who should attend: Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual
As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. This program utilizes a case study approach to apply federal tax rules to clients’ limited liability companies.
The course is designed to be a step above a mere preparation seminar, including case review and discussion regarding formation, LLC taxation election issues, precontribution appreciation in assets, basis implications of recourse and nonrecourse debt, special allocations of income and deductions, basis step-up under §754 on transfer of an ownership interest, self-employment tax issues, and termination/liquidation of the LLC.
• Prepare more complicated partnership returns
• Understand certain advanced concepts of partnership taxation
• Applicable coverage of recent tax acts and any new legislation enacted before presentation
• Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
• Unreasonable uses of the traditional and curative allocation methods
• Multiple layers of §704(c) allocations
• Treatment of recourse versus nonrecourse debt basis
• How to calculate basis limitations and its implication on each partner’s own tax return
• How §179 limitations affect partnership/LLC basis
• Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734 for partnerships who have NOT made the §754 election
• Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
• Capital account adjustments in connection with admission of new member
• To make special allocations, the regulations require substantial economic effect, what are the requirements?
• LLCs and self-employment tax to the members
• Distributions – current or liquidating, cash or property including the substituted basis rule
• Termination/liquidation of an LLC
• Is there a “flexible standard of law” regarding closely held entities?