As long as LLCs, partnerships, and S corporations form the backbone of many CPAs' practices, in-depth knowledge of all tax aspects of these entities will be essential. The purpose of this practical course is to focus on planning issues in creating, operating, and liquidating S corporations, partnerships, and LLCs. This course is essential for CPAs in public accounting and industry who advise these entities or their investors.
Learning Objectives
- Identify current issues that practitioners are most often called on to address
- Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities
- Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment
- Be familiar with the results of case studies that reinforce key learning concepts
Major Topics
- Update on latest cases, rulings, and regulations
- How to handle liabilities of LLCs
- Planning opportunities and pitfalls in determining basis -- recourse and nonrecourse debt issues for LLCs, and much more
- Partnership planning - Structuring partnership distributions and transfers of interests
- Optional basis adjustments - 754 and 732(d)
- Basis and distribution issues in the S corporation
- Redemptions and liquidations of S corporations
- Compensation in S corporations
- Sale of a partnership - the best planning concepts
- What you need to know about family pass-throughs - Estate planning, family income splitting, and compensation planning
- Partnership and LLC allocations
- Late-breaking tax legislation, with emphasis on its impact on pass-throughs and their owners
