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The Top 10 Tax Issues in Dealing with LLCs and Partnerships (LP10)

  • Format Self-Study Download
  • Credits 8
  • Level Intermediate
  • Field of Study Taxes (Technical) (8)

Overview

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.



Major Topics:

  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Determining basis: key issues and technical analysis in calculating basis
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference
  • Special allocations: flexibility and complexity
  • Distributions: cash and property, built-in gain or loss
  • Retirement plan issues: planning options
  • Basis step-ups: the basic issues
  • Hot assets: beware of this complicated tax issue
  • Summary of important provisions of the Tax Cuts and Jobs Act of 2017, including final regulations under the complexities of section 199A

Learning Objectives:

  • 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
  • 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

Who should take this course:

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

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

None

Yes

No

No

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