Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
A beginner's guide or a refresher on the essential elements of partnership and LLC taxation.
Format
Online
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
11.5
Author(s)
AICPA Staff
Availability
1 year
Product Number
TSETFLP25SSO
This product has been updated to reflect changes under H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act or OBBBA.
Building a solid foundation of partnership and LLC taxation
A foundational understanding of partnership taxation is essential to a tax preparer's career. Given that most U.S. businesses are formed as pass-through entities, you'll likely encounter partnership tax matters that require your attention.
This course covers the taxation of partnerships, including limited liability companies (LLCs) treated as partnerships for U.S. federal income tax purposes.
Matters discussed include:
- Common transactions
- Check-the-box election rules
- Consequential court cases involving partnership formation
Skills to explain partnership taxation matters to your clients
Talking about tax can sometimes sound like speaking a foreign language to your clients. Learn how to explain complex issues with accuracy and confidence.
Part of Tax Staff Essentials Level 1
This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.
This course can be purchased individually or as part of the Tax Staff Essentials Level 1 bundle.
Who Will Benefit
- Public accounting staff and seniors
- Tax professionals in company finance or tax departments
Key Topics
- Basic tax structure of partnerships and LLCs
- Check-the-box elections to be taxed as a partnership
- Partnership distributions
- Compensatory payments to partners
- At-risk and passive activity limits
- Profit and loss allocations: general rules and restrictions
Learning Outcomes
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Identify the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Indicate the correct treatment of partnership income by a partner for self-employment tax purposes.
- Distinguish between current and liquidating distributions.
- Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized by the IRS.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)
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