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:
- Comprehensive coverage of the Inflation Reduction Act of 2022
- Timely coverage of breaking tax legislation
- Schedules K-2 and K-3 reporting requirements
- SBA Disaster Loans (Hurricane Ian)
- Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
- Overview of the economics and tax consequences of crowdfunding campaigns
- 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
- Partnership Agreements - qualified income offset and unlimited deficit restoration clauses
- Employee vs independent contractor considerations that companies should be aware of, including the new DOL proposed rulemaking
- A review of like-kind exchange transactions under §1031
- IRC §163(j) considerations in 2022
- State and local taxes: pass-through entity workarounds
- Carried interest
- Accounting method reform
- Special basis adjustments, including comprehensive examples
- Impact of the net investment income tax on the owners of pass-through entities
- 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 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