Advanced Partnership Taxation Concepts (Half-Day Webinar) (Completed)
Date: Thursday, December 22, 2022
Instructor: Greg White
Begin Time: |
8:00am Pacific Time 9:00am Mountain Time 10:00am Central Time 11:00am Eastern Time |
CPE Credit: |
4 hours for CPAs 4 hours Federal Tax Related for OTRPs 4 hours Federal Tax Law for CTEC 4 hours Federal Tax Related for EAs and OTRPs |
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Partnerships are the fastest growing type of business entity. Understanding the finer points of tax preparation and planning for partnerships is a key part of all tax practices.
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
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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
Advanced
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of partnership taxation.
Advance Preparation
None