With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.
Extensive review of the partnership tax laws with an emphasis on any new legislative changes . Overview of different forms of business entities including the check-the-box regulations. Formation issues including the mandatory allocation of the Section 704(c) pre-contribution gain or losses back to the contributing partner/member. Schedule K and K-1 - separately stated versus non-separately stated income and expense items. Detailed Schedule K-1 reporting, including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax. Calculating the tax and Section 704(b) book capital accounts. Substantial economic effect requirement to have special allocations to the partners/members. Allocation of recourse & non-recourse debt on K-1s. Guaranteed payment issues and tax treatment of fringe benefits. Self-employment tax issues and pitfalls. Tax treatment of distributions - cash versus non-cash & liquidating versus non-liquidating. Sales and liquidations (redemptions) of partnership interests. Section 754 optional basis adjustments and mandatory adjustments.
Background in partnership and individual income tax law.
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal partnership and LLC issues and problems.
Form a partnership/LLC and calculate the entity’s initial inside basis in the assets and partner/member’s outside basis in the entity. Understand the operational issues during the growth and maturity of a partnership/LLC and how the schedule K items get allocated to the partners/members on their individual Schedule K-1 effecting outside basis. Comprehend the tax ramifications of the sale versus redemption of a partnership/member interest.
J Patrick Garverick, The Tax U
5 stars out of 5 - speaker rating for 2019 “[Pat Garverick] is very knowledgeable and an expert in his field of teaching. I would highly recommend him to colleagues.“ - past attendeePat began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Pat began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, Pat’s knowledge, expertise and high energy has made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.
Non-Member Price $400.00
Member Price $300.00