Annual Tax-Planning Guide for S Corporations, Partnerships & LLCs
Presenter
Inibehe Adesanya,
Owner
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.
Learning Objectives:
- Wrapping up issues related to COVID-19 legislation.
- Update on latest cases, rulings and regulations including the final regs.
- 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 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.
Major Topics:
- Update on latest cases, rulings, and regulations including the final regs
- 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 beginning in 2024
- 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
