Description

As long as LLCs, partnerships, and S corporations form the backbone of many CPAs’ practices, in-depth knowledge of all tax aspects of these entities will be essential. The purpose of this practical course is to focus on planning issues in creating, operating, and liquidating S corporations, partnerships, and LLCs. This course is essential for CPAs in public accounting and industry who advise these entities or their investors.

Instructor: Michael Frost, CPA

Target Audience

Accounting and Financial Professionals in public accounting and industry who want to learn planning strategies relevant to S corporations, partnerships, and LLCs

Course Objectives

Identify current issues that practitioners are most often called on to address

Be familiar with planning techniques employed in dealing with the life cycle of pass-through entities

Distinguish the roles S corporations and partnerships/LLCs play in the changing tax environment

Evaluate the impact of recent legislation, guidance, and judicial decisions

Identify planning opportunities under current laws and regulations

Be familiar with the results of the case studies that reinforce key learning points

Be familiar with retirement plan provisions of the SECURE Act 2.0

Subjects

Tthe One Big Beautiful Bill Act and other cases, rulings, and regulations

Provisions of Revenue Procedure 2022-19: Relief for S corporations

Legislative update on retirement plan changes of the SECURE Act 2.0

How to handle liabilities of LLCs

Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more

Section 199A pass-through deduction planning

Partnership planning -- Structuring partnership distributions and transfers of interests

Optional basis adjustments -- §§754 and 732(d)

Planning for the utilization of §179 and for the scheduled phase out of bonus depreciation 

Basis, distribution, redemption, and liquidation issues of S corporations

Compensation in S corporations

Sale of a partnership -- the best planning concepts

What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning

Partnership and LLC allocations

A brief look at possible future changes to the taxation of pass-through entities

The who, what, when, where, and how of the new FinCEN BOI reporting requirements

Prerequisites

A basic course in partnership theory and S corporation theory