Advanced Partnership Taxation Concepts
Author: Greg White
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Partnerships are the fastest growing type of business entity. Understanding the finer points of tax preparation and planning for partnerships is a key part of all tax practices.
In this course, we'll cover sophisticated strategies to keep you on the cutting edge, including self-employment tax for LLC members, allocating losses of limited liability companies, and admitting new partners in the most tax efficient manner.
Publication Date: December 2023
Designed For
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Topics Covered
- Bonus Depreciation
- Allocating Real Estate Purchase Price
- Transforming Interest Expense
- Partner Interest Expense
- SE Tax and LLCs
- Self-Employment Tax
- LLC Members SE Tax: Proposed Regulations
- Electing Out of CPAR Eligibility
- Rev. Rul. 99-5 and 99-6
- LLCs Alternate Test for Economic Effect
- Loan or Capital
- Bad Debt
Learning Objectives
- Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime)
- Recognize how to report self-employment earnings for LLC members
- Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR)
- Recognize how to compute bonus depreciation on the purchase of a partnership interest
- Identify the phase-in range for married filing jointly taxpayers with respect to QBID
- Identify the year the Centralized Partnership Audit Regime took effect
- Identify the second step in the purchase and sale of real estate
- Identify a type of SSTB where certain wage and property limits apply with respect to QBID
- Identify the number of possibilities with respect to the CPAR Partnership Audit Rules
- Identify the approximate cost of a "questionnaire" cost segregation study
Level
Advanced
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of partnership taxation.
Advance Preparation
None
