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Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships (ACTL)

Thursday, October 10, 2024
09:00 AM - 05:00 PM (Eastern)

Sue Smith, CPA

  • Format Webinar
  • Credits 8.00
  • Level Advanced
  • Field of Study Taxes (8)

$279.00

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Overview

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Major Topics:

  • Coverage of the Inflation Reduction Act of 2022
  • Single-member limited liability companies as an alternative to subsidiaries
  • Cancellation of indebtedness: rules and regulations
  • How the IRS views members or partners for Social Security purposes
  • Special problems when forming an LLC
  • Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees
  • Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
  • Death or retirement of a member or partner -- Understanding the alternatives
  • Step-up in basis issues -- How to make the computations and elections
  • Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property
  • Partnership losses: when are they deductible?  See, in particular, TCJA and CARES override
  • Material participation rules for LLC members and limited partners: how they affect passive loss issues
  • Continuation and termination of an LLC/partnership in the context of a merger or acquisition
  • Sales of an LLC Interest -- holding period, and hot asset issues
  • Impact of the tax on investment income on the sale of an interest in a partnership or LLC
  • Repeal of technical termination of partnership provision

Learning Objectives

  • Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
  • Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
  • Discuss the impact of cash and property distributions
  • Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
  • Complete a case study to improve advocacy skills before the IRS

Who should take this course:

Accounting and Financial Professionals with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

A basic course in LLCs/partnerships or equivalent knowledge and experience

None

Yes

Yes

No

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