Surgent's Annual Tax-Planning Guide for S Corporations, Partnerships, and LLCs

Overview

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.

Highlights

Update on latest cases, rulings, and regulations including the final regs, 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 – Schedules 754 and 732(d), Planning for the utilization of Schedule 179 and for the scheduled phase out of bonus depreciation beginning in 2023, 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

Prerequisites

A basic course in partnership theory and S corporation theory

Designed For

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

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