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Review of Current Critical Tax Issues for Partnerships and LLCs (TIPL)

Customer Rating
Field of Study
Taxes
Level
Intermediate
Credits
8
Qualifies For
CPE



Price:  $79.99
Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.

Additional information

Credits

8

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

0

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (8)

Field of Study Department

Taxes (Technical)

Course Version

2019-01

CPE Approved

1

Pre-requistes:

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Knowledge Level:

Intermediate

Major Topics:

  • Summary of important provisions of the Tax Cuts and Jobs Act of 2017
  • Determining basis: key issues and technical analysis in calculating basis
  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Special allocations: flexibility and complexity
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference
  • Hot assets: beware of this complicated tax issue
  • Distributions: cash and property, built-in gain or loss
  • Retirement plan issues: planning options
  • Basis step-ups: the basic issues 

Learning Objectives:

  • Define various kinds of partnership liabilities and explain the tax consequences of each
  • Be familiar with the results of the case studies that reinforce key learning points
  • Identify and distinguish guaranteed payments, distributive shares, and draws liquidating distributions of cash or property
  • Understand the relationship between capital account maintenance and outside basis adjustment 

Designed For:

CPAs who wish to gain a more in-depth understanding of LLC and partnership tax law
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