Partnerships & LLCs: Avoiding Common Pitfalls Facing Practioners [BTP4]

Subject:

Sep 18, 2017
Time: 8:30am-12:00pm
Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

Discussion Leader:

Susan Smith, CPA

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 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

Full Description

Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners (BTP4)

September 18, 2017

ACS Business Technology Center
600 East 36th Avenue, Suite 100
Anchorage, 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 and $12.50 for each 2 hour course.

If only we could see ourselves as others see us. This course is designed to review some common pitfalls and real-world issues. Learn the traps taxpayers fall into -- before you make the mistake. The material includes a study of the law underlying the tax or practice issue, which will assist practitioners in satisfying their professional standards of practice and will help in preparing business returns. Avoid these missteps, plan for a better lax result, and benefit from a wealth of knowledge that can be applied to practice.

Major Topics:
- Is there a 'flexible standard of law' in regard to closely held entities?
- Good tax debt vs. bad tax debt
- Can I amend prior returns to correct an impermissible accounting method?
- Ignoring the operating agreement if special allocations do not meet the substantial economic effect test
- Failure to recognize taxation on service partners
- For LLCs operating as an S Corporation, just what is causing inadvertent terminations today; it happens more than you think
- Oversight in not taking into account 179 limitations at the entity level
- Pension issues
- Business issues and the significant lax problems in related party transactions
- Recognizing a related party transaction
- Who signs the Power of Attorney for an LLC?
- Documentation required by the sponsor (not the third party administrator) for plan loans

Learning Objectives:
- Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
- Discuss which tax items are determined at the entity level
- Describe the character of partner/member distributions and earnings on pensions
- Identify the employment tax regime applicable to partners and members
- State why guarantees are useful to an LLC member

Designed For: All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Experience with business clients

Acronym: BTP4

Discussion Leader: Susan Smith, CPA