Course ID: CL4TLLLO

Tax Consequences and Reporting Issues of LLCs, LLPs, LPs, and Other Partnerships


Is LLC and partnership taxation something new to you? Perhaps you have worked in this area for years but need a quick review of the fundamental concepts? Build a foundation of knowledge or freshen up your skills. This course addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships. Develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, with an emphasis on explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners.


LEARNING OBJECTIVES
  • Recall how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS.
  • Calculate the tax basis of assets transferred to a newly formed partnership or LLC.
  • Recognize the tax consequences and liabilities property transfers can have on a partnership or LLC.
  • Distinguish between distributions and compensatory payments to partners, and recognize tax consequences of each type of payment.

MAJOR TOPICS
  • Tax structure of partnerships and LLCs
  • Tax consequences of partnership or LLC formation
  • Partnership distributions
  • Compensatory payments to partners
  • Overview of profit and loss allocations

DESIGNED FOR
Public accounting staff, seniors, and tax professionals in company finance or tax departments

PREREQUISITES
None

COURSE PRODUCER
AICPA

CPE CREDITS
4.0

LEVEL
Basic

This course is available to be scheduled as:

Group Live
 

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