2022 Guide to LLCs and Partnerships

Overview

Come join Larry Stein as he discusses limited liability companies and partnerships. Both tax and non-tax issues will be covered. Key planning opportunities will be highlighted. Tax compliance traps will also be discussed.

Who should attend

 CPAs with at least six (6) years of experience. You must have a basic knowledge of federal taxation.

Details

Objectives:
 

• Explain selected tax provisions that impact LLCs and Partnerships.

•Explain selected non-tax provisions that impact LLCs.

Major Topics:

 Part One – Limited Liability Companies (200 Minutes)

• Entity Selection.
• Single-Member LLCs.
• Multi-Member LLCs.
• LLCs Vs. “S” Corporations.
• Real Estate LLCs.
• Joint Ventures.
• Using LLCs And “S” Corporations Together.
• Operating Agreements – Key Tax Issues.
• Charging Order Issues; Asset Protection.
• LLCs – Entity Conversions.

Part Two – LLC Taxation (200 Minutes)

• IRS SECA Tax Audit Focus.
• New Tax Capital Account Rules.
• Schedule K-1, Form 1065.
• 199A Tax Compliance.
• IRC 704(a) And 704(b) – Allocations.
• IRC 754 – Optional Basis Allocations.
• IRS Form Issues – Form 8308 (Hot Assets), Form 8275 (Disguised Sales), And More!
  
   

e-materials

A link to the electronic materials will be emailed to you 48 hours prior to the event. Hard copies will not be provided.

Advanced preparation

None

Course level

Intermediate

Prerequisite

Basic knowledge of federal taxation.