Tax Consequences and Reporting Issues of LLCs, LLPs, LPs and Other Partnerships (CL4TLLLO)

Bismarck Ramkota - 6/22/2010
4 CPE Hours
$135 Member ($165 Nonmember)
Add $25 after 6/8/2010

Instructor: Wendy Kravit

Is LLC and partnership taxation something new to you?  Perhaps you have worked in this area for years but need a quick review of the fundamental concepts? Build a foundation of knowledge or freshen up your skills. This course addresses the tax consequences of the most common transactions engaged in by LLCs. 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.

Upon completion of this course, participants will be able to:  

• Determine the tax consequences, for both investors and the entity, of the most common partnership and LLC transactions
• Understand how to handle tax reporting issues associated with LLC and partnership operations
• Distinguish between distributions and compensatory payments to partners and recognize tax consequences of each type of payment

Highlights:

• Self-employment tax issues for LLC members and partners 
• Structuring cash and property distributions to avoid unexpected tax consequences
• Deciding how investors share in profits and losses; shifting risk among investors; returns on financial vs. human allocation issues
• Form 1065 checklist
• Tax consequences of formation
• Allocations of profits and losses
• Partnership distributions
• Partnership basis adjustments

Designed For: Tax practitioners who need to build a foundation in the partnership/LLC area or those who need a refresher
Level: Basic
Developer: AICPA