Surgent's Key Partnership and S Corporation Tax Planning Strategies
Overview
Many of our clients are pass-through entities for which many of the general business strategies are subject to additional limitations. To provide the tax planning strategies for closely held business clients that will bring more revenue, this course focuses on the special concerns and techniques the practitioner needs to thrive in this market.
Highlights
- Timely coverage of breaking tax legislation
- Tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares
- At-risk and passive activity loss considerations
- Basis planning
- Related party transactions: making them work
- Income splitting and shifting with family can create considerable benefits
- Sale of ownership interest and NIIT considerations
Prerequisites
Experience with business clients
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
Objectives
- Identify the advantages of, and the tax issues involved with, employing one’s spouse
- Discuss the tax issues and strategies that may be applicable to the client in employing one’s child to shift income and to avoid kiddie tax issues through earned income
- Describe the basis adjustments that are made to reflect LLC operations
- Discuss the basis limitation on the current deductibility of losses and the substantial economic effect and built-in gain limitations on how LLC income, gains, and losses may be allocated among members
- Explain the concept of a passive activity loss and material participation
- Identify what is an activity and when activities are or may be aggregated
- Explain the concept of “amount at risk” and to whom it applies
- Determine the amount at risk
- Distinguish qualified nonrecourse financing from other nonrecourse financings in the context of the amount at risk
- Discuss the requirements for a real estate professional, and the effect of a taxpayer’s election to be treated as such for tax purposes
- Understand the tax consequences of retiring partners seeking liquidating distributions/redemptions and S corporation shareholders seeking the redemption of their shares Identify who are related parties for purposes of special characterizations of property transactions
- Explain how and to what extent the gain on the sale of depreciable property will be characterized as ordinary income
- Describe when a loss will be disallowed on the sale of property
- Discuss the circumstances in which the sale of property at a loss to a partnership will be disallowed
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.
Leader(s):
Leader Bios
David Peters, Founder & Owner, Peters Professional Education LLC
David R. Peters, CPA, CFP, CLU, CPCU, MST, MBA
David Peters is the Founder and Owner of Peters Professional Education. He is registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He brings over 20 years of experience in financial services, including three years in the hedge fund industry and six years in insurance.
David was the first-ever Chief Financial Officer at Compare.com - a position he held for more than three years. David holds four master's degrees. contributes frequently to professional publications and is a nationally recognized CPE instructor and discussion leader for Surgent seminars and a former instructor for Don Farmer.
David received the AICPA Outstanding Facilitator Award in 2021, 2023, and 2024 as well as Surgent's Outstanding Discussion Leader awards in 2019 and 2022. He also co-authored the Virginia CPA Ethics course in 2018, 2019, and 2020, which is a requirement for all CPAs licensed in Virginia. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States.
Non-Member Price $209.00
Member Price $159.00