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

Date: 6/16/2008
Mandan Seven Seas
Time: 8:00 AM - 11:30 AM (Please verify this time on your confirmation.)
4 CPE Hours
$125 Member
$155 Nonmember
Add $25 after 6/2/2008
Instructor: Steve Lustig

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? If the answer is yes, this course is for you. 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

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

Major Topics:

• 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 included
• 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

About the Speaker:
Steven D. Lustig, J.D., CPA
Mr. Lustig is the founder Galapagos Financial Partners, LLC, based in Gaithersburg, Maryland and La Jolla, California, which, for businesses and individuals, specializes in Financial and Tax Planning, Budgeting, Funding Sources and Uses of Funds, Tax Strategies, Management Structure, Finance Department Operations and Human Resource issues. Mr. Lustig has lectured throughout the United States for the AICPA, ABA, CPA firms, and national and local business organizations and has authored tax material and courses in closely held business areas, estate planning and negotiating with the IRS. Mr. Lustig is the recipient of the AICPA Outstanding Discussion Leader Award in 2005 and 2006.