SPEAKER: Prof. John Connors, CPA, JD, LLM
DATE: Wednesday July 21, 2021
(or 2 Half-Days option 7/21 & 7/22)
TIME: Full Day Option: 8:50 A.M. - 5:10 P.M. Eastern
8:50 - 10:45 Welcome & Lecture
10:45 - 11:00 Coffee Break
11:00 - 12:30 Lecture
12:30 - 1:30 Lunch (on your own)
1:30 - 3:15 Lecture
3:15 - 3:30 Coffee Break
3:30 - 5:00 Lecture
5:00 - 5:10 Wrap-up
Half Day Option: 12:00 - 3:40 P.M. Eastern on each day.
LOCATION: All New Pre-Recorded Webinar
NOTE: There will be an opportunity to receive answers from the instructor in real-time by submitting your questions in the Q&A forum on the webinar page!
This workshop focuses on the common problems and tax issues facing by LLCs which choose to be taxed as partnerships. Most importantly, partnership tax theory will be quantified in numerous illustrations and examples throughout the entire course. A full list of topics can be found by clicking here.
Topics & Learning Objectives Include:
- Review the specific tax issues pertinent to LLCs, including: classification as partnership v. corporation and Form 8832 “check-the-box regulations;” required taxable year-ends; method of accounting; COD income; Sec. 704(b)(2) “special allocations” v. guaranteed payments when calculating QBI and Sec. 199A deduction
- Discuss the tax issues associated with contribution of property to a partnership, especially if SMLLC makes S corp election, “pre-contribution gain or loss” under Sec.704(c) for contributed property
- Emphasize the key differences between book and tax capital accounts and new IRS Form 1065 reporting requirements
- Key differences between recourse and nonrecourse debt and impact on partner’s at-risk basis
- Tax impact on receiving capital and/or profits interest for services rendered to partnership
- When is income generated by an LLC subject to S/E tax; exception for “varying interests”
- Comprehensive examples covering claiming of K-1 losses; partner basis and at-risk limitations; passive loss rules; new Sec. 461(l) restriction on “excess business losses;” need for S corp shareholder basis calculation for Schedule E, page 2, but not for partners
- Calculate the deduction for qualified business income under Sec. 199A; LLCs v. PTPs and REITs
- Tax consequences where member sells their interest to a third-party v. receiving a liquidating distribution from the LLC
- Discussion of current distribution v. liquidating distribution
- Making a Sec. 754 election and how to allocate between ordinary income assets v. Sec. 1231 and capital assets; Sec. 301.9100-2 automatic 12-month extensions; mandatory Sec. 754 “stepdowns” for “substantial build-in losses;” “inside v. outside basis” for LLC member interests
- Distinguishing between Sec. 734(a) v. Sec. 734(b) liquidating distributions to deceased or retired LLC members
- Need to file Form 1065 for H/W ownership of rental properties in common law v. community-property states; relief for failure-to-file penalty for Form 1065; “qualified joint ventures” for H/Ws v. employment of spouse for fringe benefit purposes
- LLC/Partnerships are not just for holding real estate anymore; dramatic increased use of LLCs operating businesses; offer unsurpassed flexibility for getting owners and assets into, or out of, the entity v. corporations
Click On The Video Below To View A Demo of Prof. Connors
Prof. John Connors is one of the most knowledgeable tax lecturers in the nation. He has the ability to simplify the most complex tax rules. Bring in all your tax questions and get a CORRECT answer.