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Avoiding Common LLC and Partnership Mistakes (ALPM)

Customer Rating
Field of Study
Taxes
Level
Intermediate
Credits
4
Qualifies For
IRS CPE



Price:  $39.99
If only we could see ourselves as others see us. This course is designed to review some common pitfalls and real-world issues. Learn the traps taxpayers fall into -- before you make the mistake. The material includes a study of the law underlying the tax or practice issue, which will assist practitioners in satisfying their professional standards of practice and will help in preparing business returns. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.

Additional information

Credits

4

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (4)

Field of Study Department

Taxes (Technical)

Course Version

2019-01

CPE Approved

1

Pre-requistes:

Experience with business clients

Knowledge Level:

Intermediate

Major Topics:

  • Eyeing big benefits for small business
  • LLCs and partnerships: mistakes in allocation of debt, fringe benefits, and unreimbursed expenses; oversight in not taking into account limitations at the entity level; and pension issues
  • Professional practice and reporting issues for all entities
  • Pernicious precedents in payroll penalties, enforcement activities are hot
  • New basis reporting issues for pass-through entities
  • Business issues and the significant tax problems in related party transactions
  • An amplified interest in "Business Interest Expenses"
  • Can I amend prior returns to correct an impermissible accounting method?

Learning Objectives:

  • State why guarantees are useful to an LLC member
  • Identify the employment tax regime applicable to partners and members
  • Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
  • Discuss which tax items are determined at the entity level

Designed For:

All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies
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