Objective
- 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
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
Designed For
Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax lawPrerequisite
A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCsAdvanced Preparation
None