Overview
This year practitioners need to keep abreast of tax changes affecting pass-through entities used by their business clients and employers, and this enlightening course delivers that information. You will learn invaluable strategies, techniques, innovative tax-planning concepts, income-generating ideas, and other planning opportunities available to S corporations, partnerships, LLCs, and LLPs. Continually updated to reflect enacted legislation.
Major Topics:
- The CARES Act, FFCRA, CAA 2021 and ARPA COVID-19-related provisions, including employer credits, SBA loans, RRF grants, and expanded leave programs
- Updated guidance on partnership tax basis capital account reporting requirements
- Continued, updated guidance on the impact of the TCJA on S corporations and partnership entities
- New proposed regulations regarding the centralized audit regime
- Selected Practice and Reporting Issues: What’s new?
- A review of recent cases, rulings, and tax law changes affecting S corporations, partnerships, limited liability companies, and limited liability partnerships
- Choice of entity issues, with a preview of the potential impacts of the Biden administration's proposed Made in America tax plan
- An overview of the state tax issues related to remote work during the COVID-19 pandemic
- Employee vs independent contractor considerations that companies should be aware of
- Detailed review of §465 at-risk and §469 passive activity loss limitation rules
- Impact of the CARES Act on §§163(j) and 461(l)
- Impact of the net investment income tax on the owners of pass-through entities
- Any late-breaking tax legislation
- Review of the most important business tax cases, revenue rulings, PLRs, etc.
Learning Objectives
- Understand the major issues on which taxpayers and the IRS are in conflict
- Understand how COVID-19 legislation impacts planning for pass-throughs
- Understand recent IRS guidance and legislation impacting pass-through entities
Designed for:
All tax practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes affecting their business clients or employers
Prerequisite:
Experience with pass-through entity clients
Advanced Preparation:
None