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Tax Fundamentals of LLCs and Partnerships
Tax
Webcast

Tax Fundamentals of LLCs and Partnerships

Gain the technical knowledge and expertise to respond to the needs of new and existing clients.

$307 - $373
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

VTSETFLP22060

 View  
 Business & partner 
Product Details

LLC and partnership taxation

Hone your skills

Gain – or refresh – your knowledge about the complex areas of LLC taxation and partnership taxation.

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.

Key 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

Learning Outcomes

  • 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.

Who Will Benefit

  • Public accounting staff and seniors
  • 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 digital product. With full paid access the content will be available to you for 3 months after purchase date.
Duration
8 hrs
For more information, please refer to CPE requirements and NASBA sponsorship information
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
$373.00
AICPA Members
$307.00

Group ordering for your team

2 to 5 registrants

Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.

Start order

6+ registrants

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
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.

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Tax Fundamentals of LLCs and Partnerships
Select from the following options:
Dec 07, 2022
3pm11pm GMT
Jan 06, 2023
1pm9pm GMT
Nonmember Price
$373.00
Price excluding sales tax
$373.00
Do you have an AICPA membership? 
Log in to apply your member discount.
Shipping cost and sales tax will be added later during checkout

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