Self-Study

Surgent's Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners (BTP4)

  • Tuesday, March 27, 2018 – Tuesday, April 30, 2019

  • 4
    CREDITS
    Taxes

If only we could see ourselves as others see us. This course is designed to review some common pitfalls and real-world issues. Learn the traps taxpayers fall into -- before you make the mistake. The material includes a study of the law underlying the tax or practice issue, which will assist practitioners in satisfying their professional standards of practice and will help in preparing business returns. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.

Objectives

  • Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
  • Discuss which tax items are determined at the entity level
  • Describe the character of partner/member distributions and earnings on pensions
  • Identify the employment tax regime applicable to partners and members
  • State why guarantees are useful to an LLC member

Highlights

  • Don't get caught watching the paint dry
  • Professional practice and reporting issues for all entities
  • IRS battles against blind basis
  • Pernicious precedents in payroll penalties, enforcement activities are hot
  • So what is next with the Department of Labor
  • Can I amend prior returns to correct an impermissible accounting method?
  • LLCs and partnerships: mistakes in allocation of debt, fringe benefits, and unreimbursed expenses; oversight in not taking into account limitations at the entity level; and pension issues
  • Business issues and the significant tax problems in related party transactions
  • Eyeing big benefits for small business

Additional Information

Designed For

All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies

Vendor

Surgent

Advanced Preparation

None

Prerequisite

Experience with business clients

Field of Study

Taxes

Course Number

1825026

Level of Knowledge

Intermediate

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