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Overview

8.0 Credits
ONLINE

As long as LLCs, partnerships, and S corporations form the backbone of many CPA practices, in-depth knowledge of all tax aspects of these entities will be essential. Focus on planning issues in creating, operating and liquidating S corporations, partnerships and LLCs. This course is critical for public accounting and industry CPAs who advise these entities or their investors.

Objectives

  •     Identify current issues that practitioners are most often called on to address
  •     Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities
  •     Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment
  •     Evaluate the impact of the Tax Cuts and Jobs Act of 2017 and the related regulations on pass-through entities
  •     Identify planning opportunities under current laws and regulations
  •     Be familiar with the results of the case studies that reinforce key learning points


Major Topics

  •     Updates on the Families First Coronavirus Response Act and the CARES Act
  •     Update on latest cases, rulings, and regulations including the final regs
  •     How to handle liabilities of LLCs
  •     Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more
  •     Planning for the provisions of the Tax Cuts and Jobs Act of 2017, including taking the best advantage of the §199A pass-through deduction
  •     Partnership planning -- Structuring partnership distributions and transfers of interests
  •     Optional basis adjustments -- §§754 and 732(d)
  •     Update on Small Business Health Reimbursement Arrangements
  •     How to take advantage of the new §179 and bonus depreciation rules of the Tax Cuts and Jobs Act of 2017
  •     Basis, distribution, redemption, and liquidation issues of S corporations
  •     Compensation in S corporations
  •     Sale of a partnership -- the best planning concepts
  •     What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning
  •     Partnership and LLC allocations

Prerequisite

A basic course in partnership theory and S corporation theory
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