The Top Five Tax Issues in Dealing with LLCs and Partnerships

Overview

HELENA CLUSTER CLASS

Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls.

This course also has a VIRTUAL option. Please see 'MTCPA Webcasts' tab on the CPE page.

HOTEL
MTCPA has a room block at the Delta Hotels Helena Colonial on 8/19-20/2025-. Please reference "Montana Society of CPAs" when calling to book. 406-443-2100 or 866-211-4604.  Standard Room: $199 + tax. Rate available until 8/01/2025

Highlights

• Coverage of important provisions of The SECURE 2.0 Act and Inflation Reduction Act
• Self-employment tax issues: what you can and cannot do
• Capital accounts: book vs. tax issues
• Determining basis: key issues and technical analysis in calculating basis
• Dealing with debt recourse, nonrecourse, and why it matters
• Guaranteed payments, distributive shares, and draws: understanding the difference

Prerequisites

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Designed For

Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax law

Objectives

After completing this course you will be able to . . .

• Identify and distinguish guaranteed payments and distributive shares
• Understand the relationship between capitol account maintenance and outside basis adjustment
• Define various kinds of partnership liabilities and explain the tax consequences of each

Preparation

None