Advanced Tax Strategies for LLCs & Partnerships
What works best for your client? Learn the pros and cons of the LLC, General Partnership, Limited Partnership and Limited Liability Partnership by focusing on planning and potential tax traps. A review of distinct advantages of these entities is coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, we will explore some of the more intricate rules and regulations of these entities, so you can move your working knowledge of partnership and LLC taxation beyond the basics. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
- Allocation of partnership and LLC income under Section 704(b)
- Allocations with respect to contributed property
- Allocation of partnership recourse liabilities under Section 752
- Allocation of partnership non-recourse liabilities and related deductions under Sections 752 and 704(b)
- Advanced distribution rules
- Adjustments to the basis of partnership/LLC assets
- Sale of an interest in a partnership or LLC Prerequisite: Basic knowledge of business taxation.
When you complete this course, you will be able to:
- Allocate income, gain, loss and deduction among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
- Assess the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity’s liabilities accordingly.
- Determine the consequences of selling a partnership or LLC interest.
- Calculate the basis of partnership or LLC following distributions of multiple properties.
- Plan for the effects of a distribution of multiple properties.
- Make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales and/or transfers of interests in the partnership.
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships.