Tax Strategies for Partnerships Part 3: Allocations, Partnership Audit Rules, and Self-Employment (Currently Unavailable)

Author: Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits

Allocations of Income and Loss, Navigating the New Partnership Audit Rules, and the Basics of Self-Employment Tax Join expert Greg White, CPA, as he takes a deep dive into partnership allocations of income and loss (including planning strategies) and the special considerations when LLCs are involved. We’ll also cover the new partnership audit rules – how to avoid them, when you can’t, and how to minimize the damage. Finally, we’ll cover the basics of self-employment taxes in the partnership context.

Publication Date: May 2022

Topics Covered

• Partnership allocations of income and loss (including planning strategies) and the special considerations when LLCs are involved
• New partnership audit rules — how to avoid them, and when you can't, how to minimize the damage.
• Basics of self-employment taxes in the partnership context

Learning Objectives

• Recognize the mechanics and strategies of allocations of income and loss in the partnership context
• Identify which partnerships can elect out of the new partnership audit rules and how to minimize damage if the partnership can't elect out
• Identify the approximate percentage of partnerships that are involved in real estate or leasing
• Identify the number of ways that partnerships can avoid CPAR
• Identify the preferred method (i.e., the first choice) for avoiding CPAR
• Identify the imputed underpayment percent for individuals
• Recognize which factors are considered when dealing with partner's interest in the partnership
• Describe correct statements with respect to self-employment tax and other considerations

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None