Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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.
Publication Date: December 2023
Designed For
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Topics Covered
- Bonus Depreciation
- Allocating Real Estate Purchase Price
- Transforming Interest Expense
- Partner Interest Expense
- SE Tax and LLCs
- Self-Employment Tax
- LLC Members SE Tax: Proposed Regulations
- Electing Out of CPAR Eligibility
- Rev. Rul. 99-5 and 99-6
- LLCs Alternate Test for Economic Effect
- Loan or Capital
- Bad Debt
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)
- Recognize how to compute bonus depreciation on the purchase of a partnership interest
- Identify the phase-in range for married filing jointly taxpayers with respect to QBID
- Identify the year the Centralized Partnership Audit Regime took effect
- Identify the second step in the purchase and sale of real estate
- Identify a type of SSTB where certain wage and property limits apply with respect to QBID
- Identify the number of possibilities with respect to the CPAR Partnership Audit Rules
- Identify the approximate cost of a "questionnaire" cost segregation study
Level
Advanced
Instructional Method
Self-Study
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.