Webcast: Tax Fundamentals of LLCs and Partnerships (XATFLP117)
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Acquire the basic skills you need to prepare income tax returns for LLCs and Partnerships. This course helps you identify the information required from the accounting system and the questions to ask of managers or business owners. This course provides participants with a foundation of tax principles and rules applicable to flow through entities under IRC section subchapter K.

 Export to Your Calendar 6/2/2017
When: 06/02/2017
8:00 AM until 4:00 PM
Where: Webcast
AICPA
1365944:24D4C784143284AC7C70CA981525C84D
United States
Presenter: Pamela Davis-Vaughn


Online registration is available until: 5/31/2017
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AcronymXATFLP117
CPE8 hours
VendorAICPA
Category
Taxes
LevelIntermediate
PrerequisiteBasic knowledge of pass-through entities
Adv PrepNone
Yellow Book?No
Designed forPublic accounting staff, seniors, and tax professionals in company finance or tax departments
Registration
Member$249
CPA Non-Member$319

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

Acquire the basic skills you need to prepare income tax returns for LLCs and Partnerships. This course helps you identify the information required from the accounting system and the questions to ask of managers or business owners. This course provides participants with a foundation of tax principles and rules applicable to flow through entities under IRC section subchapter K.

Topics

  • Formation and the Check-the-Box rules
  • Profit and loss allocation
  • Effect of liabilities
  • Contributions and distributions
  • Reporting taxable income

Objectives
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