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4.0 Credits

If only we could see ourselves as others see us. This course is designed to review some common pitfalls and real-world issues. Learn the traps taxpayers fall into -- before you make the mistake. The material includes a study of the law underlying the tax or practice issue, which will assist practitioners in satisfying their professional standards of practice and will help in preparing business returns. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.


  • Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
  • Discuss which tax items are determined at the entity level
  • Describe the character of partner/member distributions and earnings on pensions
  • Identify the employment tax regime applicable to partners and members
  • State why guarantees are useful to an LLC member

Major Topics

  • Is there a 'flexible standard of law' in regard to closely held entities?
  • Good tax debt vs. bad tax debt
  • Can I amend prior returns to correct an impermissible accounting method?
  • Ignoring the operating agreement if special allocations do not meet the substantial economic effect test
  • Failure to recognize taxation on service partners
  • For LLCs operating as an S Corporation, just what is causing inadvertent terminations today; it happens more than you think
  • Oversight in not taking into account 179 limitations at the entity level
  • Pension issues
  • Business issues and the significant tax problems in related party transactions
  • Recognizing a related party transaction
  • Who signs the Power of Attorney for an LLC?
  • Documentation required by the sponsor (not the third party administrator) for plan loans

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


Experience with business clients