Surgent’s Advanced Critical Tax Issues for Limited Liability Companies and Partnerships (ACTL) (SSTX07/19)

Loading Events

Event Description

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Designed For

CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

Objectives

  • Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
  • Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
  • Discuss the impact of cash and property distributions
  • Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
  • Case study to improve advocacy skills before the IRS

Major Subjects

  • Single-member limited liability companies as an alternative to subsidiaries
  • Cancellation of indebtedness: rules and regulations
  • How the IRS views members or partners for Social Security purposes
  • Special problems when forming an LLC
  • Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees 
  • Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
  • Death or retirement of a member or partner — Understanding the alternatives
  • Step-up in basis issues — How to make the computations and elections
  • Property transactions between the LLC/LLP and its members or partners — Inbound and outbound transactions: what to do with built-in gain or loss property
  • Partnership losses: when are they deductible?
  • Material participation rules for LLC members and limited partners: how they affect passive loss issues
  • Continuation and termination of an LLC/partnership in the context of a merger or acquisition
  • Sales of an LLC Interest — holding period, and hot asset issues
  • Impact of the tax on investment income on the sale of an interest in a partnership or LLC
  • New: Section 199A, technical termination of partnership repealed, other issues under 2017 Act

Prerequisites

A basic course in LLCs/partnerships or equivalent knowledge and experience

Instructions

When you purchase a Surgent CPE on-demand course, it must be taken by June 30, 2019, to receive credit.
Within 5 minutes after your purchase, you will receive an email from info@surgent.com that explains how to access your course and materials.
Once you complete a course, please allow up to 30 days to receive you certificate of completion.
If you have further questions, please email info@surgent.com or call 800.778-7436. Their help lines are staffed Monday-Friday from 8:30 am to 5 pm Eastern Time.