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Tax Fundamentals of LLCs and Partnerships
Tax
Webcast

Tax Fundamentals of LLCs and Partnerships

If you are new to this subject, or if you have worked in this area for years but need a quick review, this webcast will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge and freshen up your skills.

$279 - $339
Do you have an AICPA membership? Log in to apply your member discount.

Format

Webcast

NASBA Field of Study

Taxes

Level

Basic

CPE Credits

8

Author(s)

Deborah A. Phillips

Availability

Product Number

VTSETFLP20070

 Part of Webcast Pass
 Business & partner 
Product Details

This Webcast is a Part of the Tax Staff Essentials Program

LLC and partnership taxation are considered by many one of the most complex areas of our Internal Revenue Code. If you are new to the subject, or if you have worked in this area for years but need a quick review, this webcast will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge and freshen up your skills.

This webcast addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships. Develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, with an emphasis on explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners

Key Topics

  • Basic tax structure of partnerships and LLCs
  • Tax consequences of partnership or LLC formation
  • Partnership distributions
  • Compensatory payments to partners
  • At-risk and passive activity limits
  • Profit and loss allocations: general rules and restrictions

Learning Outcomes

  • Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
  • Indicate how investors in partnerships and LLCs report their shares of entity income and loss for tax purposes, and how those shares affect the basis of their investments in the entity.
  • Calculate the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.
  • Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
  • Determine the basis in the investor’s hands of property received as a distribution from a partnership or limited liability company (LLC).
  • Indicate the effects of liabilities assumed by a partner or LLC member in connection with a property distribution.
  • Determine whether payments to a partner will be treated as guaranteed payments, distributive shares, or payments to a third party.
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner.
  • Differentiate the limitations that apply to partners’ or limited liability company (LLC) members’ distributive share of losses from those of a partnership or LLC.
  • Calculate the basis and amount at risk in a partnership or LLC interest for purposes of the passive loss limitation rules.
  • Determine whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations, and when they will not be recognized by the IRS.
  • Identify the potential economic consequences to a partner or LLC member of a special allocation.
  • Recognize what information should be disclosed on a Schedule K-1 received from a partnership or LLC.

Who Will Benefit

  • Public accounting staff, seniors, supervisors, and tax professionals in company finance or tax departments
Credit Info
CPE Credits
8
NASBA Field of Study
Taxes
Level
Basic
Prerequisites
None
Access
This is a live event. You will have access on the date/time of broadcast and the archive for 3 months after the broadcast date.
Duration
8 hrs
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
$339.00
AICPA Members
$279.00

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6+ registrants

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Speakers
Deborah A. Phillips
CPA, MST
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S Corporation tax law as well as IRS audits and procedures. Debbie, retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS) where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years ago and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a text book author. Debbie earned her master's degree in taxation from Widener University.
Accessibility

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

Cancellation Policy
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Tax Fundamentals of LLCs and Partnerships
Select from the following options:
Jun 18, 2021
1pm9pm GMT
Jul 09, 2021
1pm9pm GMT
Aug 13, 2021
2:30pm10:30pm GMT
Nonmember Price
$339.00
Price excluding sales tax
$339.00
Do you have an AICPA membership? 
Log in to apply your member discount.
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