Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
8.00 Credits
Member Price $332
Non-Member Price $403
Overview
Most U.S. businesses are formed as a pass-through entity, which includes partnerships. If you are new to the subject, or if you have worked in this area for years but need a quick review, this course will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge, and freshen up your analytical skills. Talking about tax can sometimes sound like you’re speaking a foreign language in front of your clients. You can leverage the tone of the course materials to explain complex issues with accuracy and confidence.
Highlights
Prerequisites
None
Designed For
public accounting staff and seniors Tax professionals in company finance or Tax departments
Objectives
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Calculate the tax basis of assets transferred to a partnership or LLC at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
- Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Identify the potential economic consequences of a special allocation to a partner or LLC member.
Leader(s):
Leader Bios
Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC
Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.
Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.
Ms. Phillips earned her master’s degree in taxation from Widener University.
Non-Member Price $403
Member Price $332