What works best for your client? Learn the pros and cons of the LLC, General Partnership, Limited Partnership, and Limited Liability Partnership by focusing on planning and potential tax traps. A review of distinct advantages of these entities is coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, we will explore some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
• Allocation of partnership and LLC income under Section 704(b) • Allocations with respect to contributed property • Allocation of partnership recourse liabilities under Section 752 • Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b) • Advanced distribution rules • Adjustments to the basis of partnership/LLC assets • Sale of an interest in a partnership or LLC
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships
Basic knowledge of business taxation