January 16, 2024

Webcast Replay

8 CPE

Tax Fundamentals of LLCs and Partnerships

January 16, 2024
Webcast Replay
8 CPE

Tax Fundamentals of LLCs and Partnerships

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    Instructor

    Bill
    Harden

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    Bill Harden, CPA, ChFC, Ph.D

    Bio

    J. William Harden, CPA, ChFC, Ph.D., is an associate professor in the Bryan School of Business and Economics at the University of North Carolina (UNC) – Greensboro, where he teaches tax courses on flow-through entities, individual and corporate tax, tax research, Internal Revenue Service (IRS) practices and international tax. Prior to teaching, Bill was a senior tax accountant with an international CPA firm as well as a tax accountant for an international oilfield exploration company.

Hone your skills Gain - or refresh - your knowledge about the complex areas of LLC taxation and partnership taxation. Dive into a case study with a Form 1065 that covers several of the most salient issues affecting entities that are taxed as partnerships, including new Schedule K-1 and K-2 requirements. Understand the fundamental concepts to build a strong foundation of knowledge, and freshen up your skills. Most common transactions Learn about the tax consequences of the most common transactions engaged in by LLCs and partnerships. Understand how to explain to clients the tax consequences associated with issues that are most frequently confronted by tax practitioners.

Learning Objectives

· Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest. · Calculate the tax basis of assets transferred to a partnership or LLC at formation. · Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation. · Calculate the partner's or member's remaining basis in interest following a distribution of cash or property from the partnership or LLC. · Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income. · Distinguish between book allocations required under Section 704(b) and tax allocations required under Section 704(c). · Identify the potential economic consequences of a special allocation to a partner or LLC member. · Recognize whether special allocations required under Section 704(c) have been made on a partnership or LLC tax return. · Indicate the effects of liabilities assumed by a partner or LLC member in connection with a property distribution.

Major Topics

· Basic tax structure of partnerships and LLCs · Electing to be taxed as a partnership: "Check-the-box" rules · Tax consequences of a partnership or LLC formation · Partnership distributions · Compensatory payments to partners · At-risk and passive activity limits · Profit and loss allocations: General rules and restrictions · Reporting taxable income for partnerships and LLCs

CPE Credits Available

8 CPE
8
Taxes

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Leadership
  • Pracitioner
  • Pracitioner's
  • Pracitioners
  • Tax
  • Taxation

Prerequisites

None

Advanced Preparation

None

Intended Audience

· Public accounting staff and seniors · Tax professionals in company finance or tax departments

Provider

AICPA

This event has ended.