Partnership and LLC Taxation: Entities Taxed as Partnerships (Full-Day Webinar) (Completed)

Date: Thursday, May 13, 2021
Instructor: Greg White
Begin Time:  7:00am Pacific Time
8:00am Mountain Time
9:00am Central Time
10:00am Eastern Time
CPE Credit:  8 hours for CPAs
8 hours Federal Tax Related for EAs and OTRPs
8 hours Federal Tax Law for CTEC

Join expert Greg White, CPA, as he covers the important planning strategies and has some fun along the way. In this course, Greg will cover real-world strategies that will help reduce your clients' tax liabilities, including maximizing the section 199A QBID deduction. We’ll also cover which LLC members aren’t subject to self-employment tax on their shares of ordinary income.

Partial credit will not be awarded for attendees that are not present for the entirety of the webinar.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Who Should Attend
CPAs and CPA aspirants in public practice and tax staff in private practice who have a minimum of two years of partnership taxation experience.

Topics Covered

  • Allocations of income under Sec. 704(b)
  • Self-employment taxes for LLC members
  • Allocations with respect to contributed property
  • Allocations of liabilities and related deductions under Secs. 752 and 704(b)
  • Distribution rules
  • Adjustments to the basis of property
  • Sale or exchange of an interest in an entity taxed as a partnership

Learning Objectives

  • Recognize how to maximize the section 199A deduction for partnerships
  • Identify how the TCJA changes to partnership terminations work
  • Describe how to allocate items of income, gain, loss, deduction and liabilities among partners/members to reflect the economic arrangements
  • Identify the consequences of selling a partnership or LLC interest
  • Recognize when and which elections should be made as it relates to distributions or transfers of interests in partnerships
  • Identify when LLC members are subject to self-employment tax
  • Recognize how to calculate the amount of loss allocated to each LLC member when some or all of the members have negative tax capital accounts
  • Identify strategies to reduce the taxes payable on the sale of a partnership interest

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
None

Advance Preparation
None

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