The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.
Single-member limited liability companies as an alternative to subsidiaries. Cancellation of indebtedness: rules and regulations. How the IRS views members or partners for Social Security purposes. Special problems when forming an LLC. Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt (and what the practitioner must explain to the client about refinancing and the potential gain issues), the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees . Distributions: is it just a disguised sale (and how can the practitioner be proactive, in some instances, in avoiding a disguised sale)? New regulations eliminate certain tax-deferred leveraged partnership transactions. Death or retirement of a member or partner – Understanding the alternatives and the options that a practitioner must explain to the client because of radically different tax consequences. Step-up in basis issues …and much more.
A basic course in LLCs/partnerships or equivalent knowledge and experience
Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships. Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse. Discuss the impact of cash and property distributions. Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership. Case study to improve advocacy skills before the IRS. Whom does the practitioner represent, the partnership or LLC or a partner or a member and potential conflicts of interest.
Mike Frost, CPA, EA is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, Mike specializes in all areas of income tax and small business consulting including but not limited to: Business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Mike has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike also conducts in-house training in all areas of income tax for his firm. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, the National Association of Enrolled Agents, the Alabama Association of Enrolled Agents, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.
Non-Member Price $349.00
Member Price $249.00