Live Stream: Advanced Taxation LLCs and Partnerships
379 | Livestream | Advanced | Scheduled
Description
Subchapter K, which covers partnership taxation, is extensive and always subtly changing. Course materials cover all the rules and regulations, including explanations of advanced concepts, to help you effectively serve your business and individual partner clients.
This course can help you to master the advanced concepts of partnership taxation so you can provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting partnerships and LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios and sales of a partnership interest.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships
Prerequisites
Basic knowledge of partnership taxation
Highlights
- Allocation of partnership and LLC income under Section 704(b)
- Allocations with respect to contributed property under Section 704(c)(1)(A)
- Allocation of partnership recourse liabilities under Section 752
- Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
- Advanced distribution rules
- Adjustments to the basis of partnership/LLC assets
- Sale of an interest in a partnership or LLC
Objectives
When you complete this course, you will be able to:
- Calculate what a partner will receive in complete liquidation of their partnership interest under Section 704(b) regulations.
- Identify the potential economic consequences of special allocations to a partner or LLC member.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and nonliquidating distributions from a partnership or LLC.
- Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets.
Prices
- Member (Early Bird)
- $299.00
- Non-Member (Early Bird)
- $399.00
- Member
- $299.00
- Non-Member
- $399.00
Instructors
Deborah Phillips
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures.
Debbie has been very successful petitioning and resolving tax issues under the jurisdiction of the United State Tax Court. She is proficient in the Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. She works with various CPA firms during tax season preparing all types of tax returns.
In addition, she utilizes her forensic accounting skills for tax preparation of clients involved in potential IRS criminal prosecution.
Debbie retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I.
Debbie worked for the IRS for over 32 years. She has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical 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.
Debbie 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 approximately 20 years as well as a textbook author.
In 2015 through 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Debbie earned her master's degree in taxation from Widener University.
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