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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Pass-Through Entities: Advanced Tax Issues (PTEA)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

This program is a fast paced double header, designed for the CPA who is well grounded in the basics of Subchapter K and Subchapter S, and who wants to learn how to deal with some of the more complex issues these two pass-through entities often present.

PARTNERSHIPS and LLCs: This part of the program builds on the basic understanding of partnership tax law and prepares participants to handle complex partnership transactions.

S CORPORATIONS: This part of the program answers the difficult “Sub S” questions and clarifies how S Corporations and partnerships are very different.

DESIGNED FOR...

CPAs who advise clients on pass-through entity transactions and tax compliance. May also be suitable for public practice.

OBJECTIVE

Participants will be able to:

  • Recognize tax traps unique to pass-through entities
  • Understand differences between partnerships, LLCs, and S Corporations
  • Deal with common ownership changes
  • Plan for unique S Corporation and/or partnership and LLC transactions
  • Apply rules properly when reporting income and other items to owners
  • Properly account for tax adjustments
  • Determine reasonable compensation and guaranteed payments for SE or FICA tax

MAJOR SUBJECTS

  • Contributions of property in exchange for ownership interest
  • Liabilities and their effect on owners’ basis
  • Back-to-back loan regulations
  • “Open Account Debt” regulations
  • Mergers, split-ups, and liquidations
  • Owners’ distributive share—special allocations
  • Built-in gain—how to calculate and plan for it
  • Excess passive investment income—what it is and isn’t
  • Optional adjustments to the basis of entity property—Sec. 754 election
  • Distributions and payments to a retiring owner
  • Impact of the qualified business income deduction on partnerships and S Corporations
  • Current developments—new laws, cases, and rulings

COURSE ACRONYM: PTEA

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Advanced

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Partnership Taxation and S Corporation Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.