The Top Five Tax Issues in Dealing with LLCs and Partnerships

Overview

You could pay $0 for this course!

This course qualifies for EA/IRS and CFP credit. If you need EA/IRS credit, please contact Tyler Dion (tdion@masscpas.org) after you have registered and provide him your PTIN number.

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-13040. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Coverage of important provisions of The SECURE 2.0 Act and Inflation Reduction Act Self-employment tax issues: what you can and cannot do Capital accounts: book vs. tax issues Determining basis: key issues and technical analysis in calculating basis Dealing with debt: recourse, nonrecourse, and why it matters Guaranteed payments, distributive shares, and draws: understanding the difference

Prerequisites

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Designed For

Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax law

Objectives

Identify and distinguish guaranteed payments and distributive shares Understand the relationship between capital account maintenance and outside basis adjustment Define various kinds of partnership liabilities and explain the tax consequences of each

Preparation

None

Fees

Credits

Level

Vendor

Fields of Study

Leader(s):

Pamela Davis-Vaughn, Surgent McCoy CPE LLC

Leader Bios

Pamela Davis-Vaughn, Surgent McCoy CPE LLC

Pamela J. Davis-Vaughn is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controller’s Roundtable, a sponsored event for controllers of automobile dealerships in Texas. In addition to her accounting practice, Pam and her husband, Darryl, are owners of One Main Place Farms, an organic farming operation located in upstate New York. Pam has over 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry. Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.

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