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

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

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

Preparation

None

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.

Leader Bios

Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.

Mike Frost, CPA, is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, he specializes in all areas of income tax and small business consulting including but not limited to: business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Frost has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.

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