Surgent's Key Partnership and S Corporation Tax Planning Strategies
Online
4.00 Credits
Member Price $159.00
Non-Member Price $224.00
Overview
Many of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.
Objectives
- Identify the advantages of, and the tax issues involved with, employing one’s spouse
- Discuss the tax issues and strategies that may be applicable to the client in employing one’s child to shift income and to avoid kiddie tax issues through earned income
- Describe the basis adjustments that are made to reflect LLC operations
- Discuss the basis limitation on the current deductibility of losses and the substantial economic effect and built-in gain limitations on how LLC income, gains, and losses may be allocated among members
- Explain the concept of a passive activity loss and material participation
- Identify what is an activity and when activities are or may be aggregated
- Explain the concept of “amount at risk” and to whom it applies
- Determine the amount at risk
- Distinguish qualified nonrecourse financing from other nonrecourse financings in the context of the amount at risk
- Discuss the requirements for a real estate professional, and the effect of a taxpayer’s election to be treated as such for tax purposes
- Understand the tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares Identify who are related parties for purposes of special characterizations of property transactions
- Explain how and to what extent the gain on the sale of depreciable property will be characterized as ordinary income
- Describe when a loss will be disallowed on the sale of property
- Discuss the circumstances in which the sale of property at a loss to a partnership will be disallowed
Highlights
- Timely coverage of breaking tax legislation
- Tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares
- At-risk and passive activity loss considerations
- Basis planning
- Related party transactions: making them work
- Income splitting and shifting with family can create considerable benefits
- Sale of ownership interest and NIIT considerations
Designed For
All tax practitioners, both those working in public accounting as well as those in private industry, who are responsible for tax planning for their clients and/or companies
Prerequisites
Experience with business clients
Preparation
None
Notice
To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange "Launch Event" button.
Leader(s):
Leader Bios
David Peters, Peters Professional Education LLC
David R. Peters, CPA, CFP, CPCU, MST, MBA
David Peters is the Founder and Owner of David Peters Financial Group and Peters Tax Preparation & Consulting, PC. David has over sixteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry.
David was the first-ever Chief Financial Officer at Compare.com - a position he held for more than three years. Currently, David is a National Instructor for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. David holds four master’s degrees, and is currently pursuing his PhD in Financial Planning. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. David was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.
Non-Member Price $224.00
Member Price $159.00