Discover important partnership tax planning strategies and have some fun along the way.
CPAs and tax practitioners.
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. Deducting payments for redemption of a partnership interest (service partnerships). Compute the allocation of losses to LLC members whose capital accounts have been reduced to zero. Identify circumstances where the 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.
Using “liability netting” to minimize gain on the formation of a partnership. Admitting new partners with minimal tax consequences. Redeeming partners’ interest using tax minimization strategies. Minimizing self-employment taxes for LLC members. Allocating income and loss to partners in difficult circumstances. Maximizing the Section 199A QBID for partnerships.
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George Koutelieris is a shareholder with the firm Johnson & Shute, P.S. in Bellevue, WA. His practice focuses on tax planning, research, and compliance for closely held businesses and their owners. He received his Masters in Taxation from Golden Gate University graduating with Highest Honors and being awarded the Outstanding Graduate Tax Student Award and currently is an adjunct professor for Golden Gate University’s Seattle campus. He is a member of the AICPA and WSCPA and currently is the Chairman of the WSCPA Taxation Committee. Not to be outdone by Greg, he was selected by his kids in 2014 as “the world’s greatest dad”.