As long as LLCs, partnerships, and S corporations form the backbone of many CPAs’ practices, in-depth knowledge of all tax aspects of these entities will be essential. The purpose of this practical course is to focus on planning issues in creating, operating, and liquidating S corporations, partnerships, and LLCs. This course is essential for CPAs in public accounting and industry who advise these entities or their investors.

Major Topics:

  • Update on latest cases, rulings, and regulations
  • How to handle liabilities of LLCs
  • Planning opportunities and pitfalls in determining basis -- recourse and nonrecourse debt issues for LLCs, and much more
  • Partnership planning – Structuring partnership distributions and transfers of interests
  • The growing use of targeted allocations
  • Optional basis adjustments – §§754 and 732(d)
  • Basis and distribution issues in the S corporation
  • Redemptions and liquidations of S corporations
  • Compensation in S corporations
  • Sale of a partnership – the best planning concepts
  • What you need to know about family pass-throughs – Estate planning, family income splitting, and compensation planning
  • Partnership and LLC allocations
  • Late-breaking tax legislation, with emphasis on its impact on pass-throughs and their owners

Learning Objectives:

  • Identify current issues that practitioners are most often called on to address
  • Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities
  • Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment

Designed For: CPAs in public accounting and industry who want to learn planning strategies relevant to S corporations, partnerships, and LLCs
Level of Knowledge: Intermediate
Prerequisite: A basic course in partnership theory and S corporation theory
Advanced Preparation: None
Credits: 8