Surgent's Advanced Critical Tax Issues for Limited Liability Companies andPartnerships

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  • Location
    • Your Space
      Your Space
      Self Study - Surgent, ID 00000
  • Credits
    • 10.00
  • Credit Type(s)
    • Taxes (Technical) (10.00)
  • Prerequisites
    • A basic course in LLCs/partnerships or equivalent knowledge and experience

  • Vendor
    • Surgent McCoy CPE, LLC
  • Level
    • Advanced
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want

Description

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

  • Course Type: Download

  • Qualifies for IRS CE
  • Designed For

    CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

    Objectives

    • Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
    • Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
    • Discuss the impact of cash and property distributions
    • Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
    • Complete a case study to improve advocacy skills before the IRS

    Highlights

    • Single-member limited liability companies as an alternative to subsidiaries
    • Cancellation of indebtedness: rules and regulations
    • How the IRS views members or partners for Social Security purposes
    • Special problems when forming an LLC
    • Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees
    • Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
    • Death or retirement of a member or partner -- Understanding the alternatives
    • Step-up in basis issues -- How to make the computations and elections
    • Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property
    • Partnership losses: when are they deductible?  See, in particular, TCJA and CARES override
    • Material participation rules for LLC members and limited partners: how they affect passive loss issues
    • Continuation and termination of an LLC/partnership in the context of a merger or acquisition
    • Sales of an LLC Interest -- holding period, and hot asset issues
    • Impact of the tax on investment income on the sale of an interest in a partnership or LLC
    • Section 199A, technical termination of partnership repealed, other issues under 2017 Act, including final regulations, which answer some of the questions not addressed by Section 199A itself
    • Override of some provisions of TCJA by the CARES Act

    Advanced Prep

    None

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