Intermediate Core Tax Issues in Partnerships and LLCs [ICIL Fbx]
Time: 8-4
Subject:
TaxationCredit Hours:
8.00Price:
Member: $295.00
Non-member: $445.00
Discussion Leader:
Susan Smith, CPA
more info
Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master’s taxation program. Her ratings have consistently exceeded 4.8 on a scale of 5.0. Smith is a four-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015, 2016, and 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.
closeWebsite registration for this course closes on September 23, 2015. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Intermediate Core Tax Issues in Partnerships and LLCsSeptember 24, 2015
Westmark Fairbanks Hotel
Fairbanks, AK
LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course.
As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. This program utilizes a case study approach to apply federal tax rules to clients limited liability companies. The course is designed to be a step above a mere preparation seminar, including case review and discussion regarding formation, LLC taxation election issues, pre contribution appreciation in assets, basis implications of recourse and nonrecourse debt, special allocations of income and deductions, basis step-up under 754 on transfer of an ownership interest, self- employment tax issues, and termination/liquidation of the LLC.
Major Topics:
Applicable coverage of recent tax acts and any new legislation enacted before presentation
Detailed rules of 704 for preventing the shifting of tax consequences among partners or members
Unreasonable uses of the traditional & curative allocation methods
Multiple layers of 704 allocations
Treatment of recourse versus nonrecourse debt basis
How to calculate basis limitations and its implication on each
partners own tax return
How 179 limitations affect partnership/LLC basis
Regulations for handling basis step-ups under 754 elections, and mandatory adjustments under 743 and 734 for partnerships who have NOT made the 754 election
Subsequent contributions of property with 754 adjusted basis to another partnership or corporation
Capital account adjustments in connection with admission of new member
To make special allocations, the regulations require substantial
economic effect, what are the requirements?
LLCs and self-employment tax to the members
Distributions current or liquidating, cash or property including the substituted basis rule
Termination/liquidation of an LLC
Is there a flexible standard of law regarding closely held entities?
Learning Objectives:
Prepare more complicated partnership returns
Understand certain advanced concepts of partnership taxation
Designed For: Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual
CPE Credits: 8, Tax
Level of Knowledge: Intermediate
Prerequisite: Experience in business taxation
Acronym: ICIL
Discussion Leader: Susan Smith, CPA
