We'll cover important planning strategies and have some fun along the way.
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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 cardPublication Date: November 2025
Designed For
Tax professionals who practice in the partnership area.
Topics Covered
- What's a partnership for tax purposes?
- Why does it matter if you have a partnership?
- When do LLC members pay self-employment tax?
- §199A (QBID) for partnerships
- Allocating losses to partners' K-1s
- Fringe benefits for partners
- Gain on sale of partnership interest
- Liability allocations on Form K-1
- Step-ups
- Allocating depreciation under §704(c)
- Transforming interest expense
- Notifying the IRS of inconsistencies with K-1
Learning Objectives
- Identify important considerations at the formation of a partnership
- Recognize opportunities to admit new partners with no tax to the new partner, and an exit strategy for departing partners
- Identify planning strategies to maximize partnership section 199A deductions
- Identify deducting payments for redemption of a partnership interest (service partnerships)
- Identify circumstances where a partnership works better than an S corp and when it doesn’t
- Identify partnerships that can elect out of the new partnership audit regime (CPAR), and when they should elect out
- Identify circumstances in which self-employment tax doesn’t apply to limited partners and LLC members
- Identify the phase-in range for married filing jointly taxpayers with respect to QBID
- Identify the unrecaptured §1250 rate
- Identify the number of ways to perform partnership allocations
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Some experience in the federal taxation of partnerships.
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.