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The Top Five Tax Issues in Dealing with LLCs and Partnerships

ID: 57649
Thursday October 12, 2023 1:00PM - 4:30PM
Topics: Tax

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls. 

Learning Objectives:

-Identify §199A issues for your clients

-Identify and distinguish guaranteed payments and distributive shares

-Understand the relationship between capital account maintenance and outside basis adjustment 

-Define various kinds of partnership liabilities and explain the tax consequences of each 

Major Topics:

- Summary of important provisions of the Tax Cuts and Jobs Act of 2017, specifically including the critical §199A and the final regulations thereunder, and the latest updates 

- Summary of the CARES Act (and related acts) and subsequent stimulus acts: the "Second" Act and the "Third" Act 

- Self-employment tax issues: what you can and cannot do 

-Capital accounts: book vs. tax issues 

- Determining basis: key issues and technical analysis in calculating basis 

-Dealing with debt: recourse, nonrecourse, and why it matters 

- Guaranteed payments, distributive shares, and draws: understanding the difference

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.