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Partnership/LLC Tax Issues & Update: Monday, August 31 & Tuesday, September 1, 2020

Monday, August 31, 2020 @ 8:30 am - Tuesday, September 1, 2020 @ 4:00 pm


Steven J. Tillinger, CPA

Monday, August 31 & Tuesday, September 1, 2020 | 8:30 am-4:00 pm

Each Day Course ID: 2821106 | 16 CPE Hours

TXCPA CHAPTER COLLABORATION: The CPE portion of this event is sponsored by the TXCPA Austin CPE Foundation, TSBPA Sponsor ID 00265. The other TXCPA chapters are partnering with Austin to benefit all TXCPA members by offering this course virtually.

REGISTRATION & COURSE CANCELLATION INFO (Please Read): All registrants will receive a copy of the recently-released Tenth Edition textbook, Practical Guide to Partnerships and LLCs. All registrants agree to the following cancellation/refund policy upon registration:

• Once ordered from CCH, the books cannot be refunded or returned for credit.

• Early bird registrations (through August 13) may be subject to a $100 cancellation fee if the book has been ordered for you.

• Standard registrations (August 14-23) may be subject to a $200 cancellation fee if the book has been ordered for you.

• If your book has not been ordered, you may be eligible for a full refund. This will be determined on a case by case basis.

• Please contact Lucy Medrano (lmedrano@tscpa.net) if you need to cancel, process a group registration or have any questions related to this course.

• All registrations must be received by Sunday, August 23. No exceptions.

REGISTRATION FEES Early Bird Rate ends on Thursday, August 13:

Members & Non-CPA Staff: $495 (Early); $595 (Standard)

Non-Member CPAs: $645 (Early); $745 (Standard)

Flash Alert. Hot Issues of 2020. Recent Developments. Steve will explain what you need to know about partnerships and limited liability companies.* He will discuss recent tax legislative changes affecting partnerships and LLCs with comments on the recently enacted CARES Act. He will discuss the self- employment tax. He will discuss changes to K-! reporting of capital accounts. He will discuss a significant development involving at-risk that affects your real estate clients and LLCs; plus any other late breaking news. Each of these issues are significant by themselves. Together, they could affect your client’s choice of business entity. Get up-to-date information. Sign-Up Now.

*Course material will be the CCH, Inc. Tenth Edition textbook, Practical Guide to Partnerships and LLCs, and Steve’s Supplemental Material.

COURSE DESCRIPTION: This course will bring you up-to-date on the important tax issues affecting your clients operating as partnerships and limited liability companies. Partnership and LLC taxation can be complicated. Congress, by enacting stiffer tax return preparer penalty rules has said, in essence, that you must be a knowledgeable tax preparer of these returns. Your instructor will address the important tax issues of contributed property and maintaining capital accounts; special allocations and substantial economic effect; the importance of the qualified income offset to members of LLCs; the tax definition of recourse and non-recourse debt, and how it is allocated and reported on the K-1; what you must know about how the at-risk rules apply to LLCs; the importance of the Texas LLC statute; and much more! While there are no prerequisites, parts of the course will seem basic, intermediate, or advanced, depending on your familiarity in the area. As a participant, you will receive an excellent resource, Practical Guide to Partnerships and LLCs, a 569-page tenth edition textbook published by CCH, Inc. The textbook is comprehensive, clearly written and provides practical guidance on this complex subject. Your instructor says this is his “go to” book on partnership/LLC tax issues and, by itself, is worth the price of admission. Your instructor, Steven J. Tillinger, CPA, receives excellent evaluations in this course. He is known for making tax interesting and making highly technical material understandable. Sign up now for this highly-rated, popular course.

PURPOSE/OBJECTIVE: To review the rules on the federal income taxation of partnerships and limited liability companies, and to provide an update of recent developments.

PROPOSED AUDIENCE/DESIGNED FOR: Tax practitioners, whether working in public accounting or in private industry, who need to understand the federal income taxation of partnerships and limited liability companies.

COURSE OVERVIEW: The course is designed for practitioners who need to understand partnership/LLC taxation. Topics to be covered will be selected from the following:

• Legislative Update

• Classification of Entity as a Partnership or LLC

• Texas LLC Statute and the Company Agreement

• Formation & Operation of the Partnership/LLC

• Allocation of Partnership/LLC Tax Items

• Owner’s Share of Partnership/LLC Debt

• Loss Limitation Rules

• Transactions Between an Owner and Partnership/LLC

• Distributions From Partnership/LLC to Owners

• Section 754 Election


• To review the tax rules affecting the formation and operation of a partnership and limited liability company.

• To update the tax practitioner on recent developments in federal income taxation of partnerships and limited liability companies.

• To recognize planning opportunities due to changes in federal income tax law.

• To prepare the tax practitioner for discussions with clients on important issues in this area of tax law.

• To help the tax practitioner understand their reporting responsibilities.

PREREQUISITES: Some basic knowledge of partnership taxation and some tax preparation experience would be helpful.

ADVANCED PREPARATION: No advanced preparation is necessary.

DELIVERY METHOD: Group live webinar.

FIELD OF STUDY: Taxation (Technical)


Monday, August 31, 2020 @ 8:30 am
Tuesday, September 1, 2020 @ 4:00 pm

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