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.

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

Be familiar with retirement plan provisions of the SECURE Act 2.0

Highlights

Update on latest cases, rulings, and regulations including the final regs

Provisions of Revenue Procedure 2022-19: Relief for S corporations

Legislative update on retirement plan changes of the SECURE Act 2.0

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 scheduled 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

The who, what, when, where, and how of the new FinCEN BOI reporting requirements

Designed For

Accounting and Financial Professionals in public accounting and industry who want to learn planning strategies relevant to S corporations, partnerships, and LLCs

Prerequisites

A basic course in partnership theory and S corporation theory

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

William Taylor

Leader Bios

William Taylor

WILLIAM F. (Bill) TAYLOR, CPA Water Valley, Mississippi William F. (Bill) Taylor, CPA is President of Lifetime Financial Solutions, LLC, a financial coaching firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 25 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Institute of Certified Public Accountants, the American Society of Pension Professionals & Actuaries, CPA and bar associations in 45 states, and many private organizations. He has been awarded both the AICPA Outstanding Discussion Leader award and the James L. McCoy Discussion Leader of the Year Award from Surgent CPE. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.

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