PARTNERSHIPS AND LLCS: AVOIDING COMMON PITFALLS FACING PRACTITIONERS
Have you ever left a CPE seminar wishing you had learned something that would really help your bottom line? This course is designed to provide innovative, real-world ideas that will increase revenue for you, your firm or company, and your clients. Find out the answers to tough questions regarding tax planning and strategies for the limited liability company and partnership clients, and learn how to apply key techniques to make more money.
- When you cant take wages
- Good tax debt vs. bad tax debt
- Knowing how to read an operating agreement
- Understanding the effect of special allocations
- Failure to recognize taxation on service partners
- Breakdown in distinguishing between a draw and a guaranteed payment
- Oversight in not taking into account limitations at the entity level
- Pension issues
- Business issues and the significant tax problems in related party transactions
- Recognizing a related party transaction
- Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
- Distinguish a draw from a guaranteed payment and the practical consequences of the difference.
- 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
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
Level of Knowledge: Intermediate
Prerequisite: Experience with business clients
Advanced Preparation: None
Yellow Book: No
Field of Study: Taxes