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This intermediate‑level course provides tax professionals with a comprehensive and practical exploration of the complex rules governing partnerships and LLCs taxed as partnerships. Participants will learn high‑impact planning strategies for entity formation, partner admissions and withdrawals, basis and liability considerations, Section 199A optimization, self‑employment tax minimization, and navigating the partnership audit regime (CPAR).
Through real‑world examples and practitioner‑focused insights, the program highlights opportunities for tax savings, structural efficiency, and strategic decision‑making. Attendees will leave with actionable guidance to advise clients confidently, reduce audit exposure, and identify when a partnership is the optimal choice—or when it may not be.
Who Should Attend
This course is designed for practitioners who advise businesses operating as partnerships or LLCs.
Topics Covered
- Using liability netting and basis planning to minimize gain upon formation
- Tax‑efficient partner admissions, buy‑ins, and buyouts
- Redemption strategies and deductibility for service partnerships
- Maximizing the Section 199A QBID for partnerships and LLCs
- Minimizing self‑employment taxes for LLC members and limited partners
- Partnership vs. S corporation: choosing the optimal structure
- Electing out of CPAR and understanding audit implications
- Practical planning opportunities for 2026 and beyond
Learning Objectives
- Identify key considerations in forming a partnership, including basis, liabilities, and built‑in gain issues
- Recognize strategies for admitting new partners or redeeming existing partners with minimal tax consequences
- Apply planning techniques to maximize the Section 199A qualified business income deduction (QBID) for partnerships
- Evaluate self‑employment tax exposure for general partners, limited partners, and LLC members
- Assess when a partnership structure offers advantages over an S corporation—and when it does not
- Identify which partnerships may elect out of the Centralized Partnership Audit Regime (CPAR) and the implications of electing out
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Some experience with federal 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.