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4 CPE Credits

Surgent's The Top Five Tax Issues in Dealing with LLCs and Partnerships

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4 CPE Credits

This is a text-based course. To receive credit, you are required to review all content and achieve a minimum score of 70% on the final exam.

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.

Learning Objectives

  • Identify and distinguish guaranteed payments and distributive shares
  • Understand the relationship between capital account maintenance and outside basis adjustment
  • Define various kinds of partnership liabilities and explain the tax consequences of each

Major Topics

  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Determining basis: key issues and technical analysis in calculating basis
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference
  • Functional test by Tax Court on whether a limited partner may be subject to the self-employment tax if such partner does more than a limited partner should

CPE Credits Available

4 CPE Credits
4
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Enrolled Agent - IRS Credit Eligible
  • Partnership Tax
  • Tax

Prerequisites

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Advanced Preparation

None

Intended Audience

Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax law

Provider

Surgent CPE

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