CPE: 8 hours
Advanced prep: None
Who should attend: Public accounting staff, seniors, and tax professionals in company finance or tax departments
Yellow Book: No
Is LLC and partnership taxation something new to you? Perhaps you have worked in this area for years but need a quick review of the fundamental concepts? Build a foundation of knowledge or freshen up your skills. This course addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships - from formation of the entity to the reporting and allocation of partnership/LLC income or loss to distributions and compensatory payments to partners or LLC members. Develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, with an emphasis on explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners.
When you complete this course you will be able to:
Recognize differences among the various types of partnerships and an LLC.
Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS.
Determine the tax basis of assets transferred to a partnership or LLC at formation.
Explain the tax consequences and liabilities to a partnership/LLC of property transfers.
Distinguish between distributions and compensatory payments to partners and recognize tax consequences of each type of payment.
Apply the at-risk and passive activity loss limitations to pass-through losses from partnerships and LLCs.
Tax structure of partnerships and LLCs
Tax consequences of Partnership or LLC formation
Compensatory payments to partners
At-risk and passive activity limits
Overview of profit and loss allocations
Reporting taxable income for partnerships and LLCs