Objective
- Identify §199A issues for your clients
- Identify and distinguish guaranteed payments and distributive shares
- Understand the relationship between capital account maintenance and outside basis adjustment
- Define various kinds of partnership liabilities and explain the tax consequences of each
Highlights
- Summary of important provisions of the Tax Cuts and Jobs Act of 2017, specifically including the critical §199A and the final regulations thereunder, and the latest updates
- Summary of the CARES Act (and related acts) and subsequent stimulus acts: the "Second" Act and the "Third" Act
- Self-employment tax issues: what you can and cannot do
- Capital accounts: book vs. tax issues
- Determining basis: key issues and technical analysis in calculating basis
- Dealing with debt: recourse, nonrecourse, and why it matters
- Guaranteed payments, distributive shares, and draws: understanding the difference
Designed For
Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax lawPrerequisite
A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCsAdvanced Preparation
None