Description
Most U.S. businesses are formed as a pass-through entity, which includes partnerships. If you are new to the subject, or if you have worked in this area for years but need a quick review, this course will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge, and freshen up your analytical skills.
Talking about tax can sometimes sound like you're speaking a foreign language in front of your clients. You can leverage the tone of the course materials to explain complex issues with accuracy and confidence.
- Qualifies for IRS CE
This event is part of ISCPA's 2024 Tax School, designed to provide a convenient, comprehensive education about tax fundamentals for early-career tax staff in a series of courses. This series, designed for the ever-changing and complex world of tax, features high-quality presentations and an interactive, colleague-to-colleague approach to ensure participants develop the skills to apply their knew knowledge in practical settings.
Designed For
Objectives
When you complete this course, you will be able to:
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Calculate the tax basis of assets transferred to a partnership or LLC at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
- Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Identify the potential economic consequences of a special allocation to a partner or LLC member.
This stand-alone event is also part of the 2024 ISCPA Tax School, which is designed to:
- Provide a comprehensive education about tax fundamentals for early-career tax staff in a series of courses.
- Ensure the newest members of the tax force are well-prepared to begin their careers and support their firms.
- Provide new staff with relevant technical and professional skills that focus on real-world issues and solutions.
Highlights
- Basic tax structure of partnerships and LLCs
- Electing to be taxed as a partnership: "Check-the-box" rules
- Partnership distributions
- Compensatory payments to partners
- At-risk and passive activity limits
- Profit and loss allocations: general rules and restrictions
Advanced Prep
- Manual
- If you did not purchase a printed manual, download it from your upcoming events in "My CPE" on website, and bring it with you
- If you did purchase a printed manual and would also like an electronic copy be sure to download it
- Review ISCPA Parking Map - found in your email confirmation
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
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Leaders
William Taylor
William (Bill) F. Taylor, CPA is a professional speaker and a CPA with a small tax and consulting practice. Bill is also an Adjunct Assistant Professor in the Masters of Business Administration program at the University of Mississippi. He recently retired as President of Renasant Bank in Water Valley, MS.
Bill has worked in the Accounting, employee benefit and investment fields for over 25 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Institute of Certified Public Accountants, the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations and other organizations. He was awarded the AICPA Outstanding Discussion Leader award multiple times and the James L. McCoy Discussion Leader of the Year Award from Surgent CPE . Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.