In this course, we’ll cover sophisticated strategies to keep you on the cutting edge, including self-employment tax for LLC members, allocating losses of limited liability companies, and admitting new partners in the most tax efficient manner.
Who Should Attend
Tax professionals who want a deeper understanding of complex topics in the partnership area.
Topics Covered
- When should self-employment earnings be reported for an LLC member?
- Claiming bonus depreciation on §743 step-ups from purchases of partnership interests
- Avoiding the IRS's dangerous CPAR audit rules
- Transferring profits interests in partnerships without triggering taxation to new owners
- Allocating losses to LLC members under §704(b)
- Claiming bad debts for partner loans
- Deducting interest on loans made to purchase partnership interests or make loans to partnerships
Learning Objectives
- Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime)
- Recognize how to report self-employment earnings for LLC members
- Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR)
- Compute bonus depreciation on the purchase of a partnership interest
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of partnership taxation.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.