Surgent's Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners (BTP4)
Wednesday, January 29, 2020 – Friday, April 30, 2021
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.
- 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
- Identify the employment tax regime applicable to partners and members
- State why guarantees are useful to an LLC member
- New basis reporting Issues for pass-through entities
- An amplified interest in “Business Interest Expenses”
- Don't get caught watching the paint dry
- Professional practice and reporting issues for all entities
- Avoid these methods some employers use to evade the overtime requirements
- Pernicious precedents in payroll penalties, enforcement activities are hot
- 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