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Live Webcast Replay

ACPEN Signature: 2017 LLCs & Partnerships Update


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   46
Categories:
ACPEN Signature |  IRS Approved |  Tax
Speakers:
C. Clinton Davis, CPA, JD |  Ronnie C. McClure, PhD, CPA |  Joel N. Crouch, JD |  Matthew S. Beard, JD. |  James A. Smith, CPA, CGMA
Course Levels:
Update
Duration:
8 Hours
License:

Dates


Description

IRS Form 1065 continues to be a challenge and mistakes are frequently made. Our panel will review the form and explain how common errors can be avoided.  In particular, our panel will review the basis and allocation rules where many errors are made and assist you by reviewing common partnership provisions that affect allocations.

The Bipartisan Budget Act of 2015 changed partnership audits forever.  TEFRA audit rules are being replaced that impose tax liability at audit at the partnership level even though the partners may have changed, and there is an election to do that now if the partnership elects.  Moreover, allocation errors may result in a true partnership level tax.  Also, the Tax Matters Partner/Member is being replaced by a Partnership Representative who need not be a partner and can bind the partnership at audit. Even the statute of limitations can go beyond three years.  Treasury recently released extensive new regulations on this major change and there are some traps for the unwary.

Additionally, the panel will look at the consequences of the purchase and sale of a partnership interest and the effects of a 754 election.  While often used, the 754 election seems to be misunderstood in its effect and reporting.

There are new, proposed and final regulations under Section 706 for changes in a partner’s interest, complex new proposed regulations under 734(b), changes to the partnership recourse and nonrecourse basis rules under the disguised sale rules, proposed changes to eliminate discounts in family partnership planning and proposed regulations on contributions of built-in loss property.  Our panel will provide an overview of these final and proposed changes.

Join our panel of experts as they navigate the big new changes in partnership tax planning.

Basic Course Information

Learning Objectives

*Understand the new changes in partnership tax planning

*Find out what is new in partnership taxation as of year-end

*Discuss key components and proposed changes in the area of partnership taxation


Major Subjects

*The New Partnership Audit Rules: Impact on Controversy and Partnership Agreements

*Proper Preparation of the Form 1065

*Section 752: Allocation of Partnership Liabilities

*Profit and Loss Allocations, Distributions and Other Key Tax Provisions for Partnership Agreements

*Purchase and Sale of a Partnership Interest  

*Regulatory Update


Course Materials

Speaker

C. Clinton Davis, CPA, JD's Profile

C. Clinton Davis, CPA, JD Related Seminars and Products

Krage & Janvey, L.L.P.


C. Clinton Davis JR, is with the law firm of Krage & Janvey, LLP in downtown Dallas.  He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting.  He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.  He has been a licensed CPA in Texas since 1980.  He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988.  He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. 

Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.

Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.

 


Ronnie C. McClure, PhD, CPA Related Seminars and Products


Ronnie C. McClure, PhD, CPA has worked in the individual, family, corporate, partnership, trust, and non-profit sectors of tax law for more than thirty years. He has taught federal taxation at the university graduate school level and conducted hundreds of seminars, speaking on a wide range of tax and estate planning topics important to businesses, families, private foundations, and public charities. Through his guidance, Ronnie's individual, corporate, and charitable organization clients have benefited from his expertise by knowing that his counsel is based on sound principles and background. Ronnie has written and edited over two dozen continuing professional education courses for accountants and attorneys on a wide range of federal income and wealth transfer tax topics, and has spoken throughout the nation on these issues. Ronnie is very active in his community both professionally and personally. He is currently Vice President of the Dallas Estate Planning Council, a member of the American Counseling Association, and the International Association of Marriage and Family Counselors. He has volunteered his time by serving on the governing boards of numerous charitable organizations and is currently on the Advisory Council of Communities Foundation of Texas. He studied at Lamar University, the University of Texas, the University of North Texas, and Texas Woman's University. He holds a BBA in Economics, a Masters in Professional Accounting, an MEd in Family Counseling, a PhD in Taxation, and a certificate in Conflict Resolution. In addition, he is a Certified Public Accountant (CPA) and a Nationally Certified Counselor (NCC). Ronnie resides in Lewisville, Texas and is the proud father of Ryan Christopher and Dustin Tyler, and the grandfather of Reilly Cade and Aden Michael McClure. When he is not spending his time with family and friends, Ronnie enjoys traveling, learning, and is an avid reader.


Joel N. Crouch, JD's Profile

Joel N. Crouch, JD Related Seminars and Products


Joel N. Crouch, JD, counsels and advises businesses, wealthy individuals and families about their most demanding tax planning, estate planning and IRS controversies.  He often works with tax professionals and financial specialists to help develop solutions for their clients. Joel is a Partner in the firm and is Board Certified in Tax Law by the Texas Board of Legal Specialization. Joel has been recognized as one of the best in his field by Texas Monthly and Law and Politics magazines by being named a Texas Super Lawyer from 2003 through 2023. He has also been named one of the Best Lawyers in Dallas by D Magazine for the years 2012-2023. Mr. Crouch has been recognized by Best Lawyers in America® in Tax Law for the years 2015-2023.  Mr. Crouch was named the Best Lawyers 2022® Tax Law & Lawyer of the Year & in Dallas/Ft. Worth. Joel is a frequent speaker on procedural and substantive tax issues for legal and accounting professionals.  Some of his topics include: Tax Shelter Defense, IRS Examinations, Appeals, Litigation and Collection Strategies, IRS Criminal Investigations, IRS Offshore Activities, IRS Focus on Tax Professionals, Employment Classification, IRS Penalties, and Litigation Partnership Tax Cases.  He has also published various articles regarding the IRS and tax procedures.


Matthew S. Beard, JD. Related Seminars and Products

Matthew S. Beard, P.C


Matthew S. Beard, JD, practices with the firm of Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P., based in Dallas, Texas. His practice spans two broad areas of taxation: estate planning and probate and income tax and business planning. In his estate planning and probate practice, Mr. Beard designs and implements estate and business succession plans with an emphasis on federal tax issues. He often works closely with accountants, bankers and financial advisors in this process. Mr. Beard also represents fiduciaries in all facets of estate and trust administration. This typically includes court proceedings, tax matters, administration and transfer of assets, and matters before the IRS. Mr. Beard is the author of "An Introductory Guide to Tax and Estate Planning," which provides an introduction to estate planning under Texas law and planning for federal estate, gift, and generation-skipping transfer taxes. On transactional matters, Mr. Beard advises clients with a focus on tax issues. He works with a broad range of entities, such as partnerships, limited liability companies, and publicly traded "C" corporations.  Transactions include formations, acquisitions/mergers, and liquidations.  Mr. Beard is the author of "Annotated Tax Provisions for Limited Liability Companies," which includes tax provisions for company agreements with explanations of how the provisions operate and provide pass-through taxation. Prior to joining the firm in 2012, he was an associate with one of the largest Texas-based law firms.


James A. Smith, CPA, CGMA's Profile

James A. Smith, CPA, CGMA Related Seminars and Products

Managing Director

Smith, Jackson, Boyer & Bovard, PLLC


James A. (Jim) Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas Certified Public Accounting firm.  He practices extensively in tax compliance, planning and controversy representation for individuals and entrepreneurial businesses. He also is engaged in the preparation, compilation and review of financial statements; exit strategy planning for entrepreneurs; merger and acquisition planning and transactions; and forensic accounting and litigation services. 

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Professional Standards and Federal Tax Policy Committees since their inception.  He served as a member of the AICPA Council 2007 through 2011 and from 2012 through 2015.  He also served as an appointed member of two of the AICPA’s key standard setting committees:  the Accounting and Review Services Committee from 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2017.


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Course Developer Business Professionals' Network, Inc.
Designed For Public Practitioners
Yellow Book No
Original Recording Date 05/24/2017
Date Added to Catalog 01/26/2017

Additional Information

Instructional Delivery Method Group Internet Based
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. is 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


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Reviews

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Overall:      4.4

Total Reviews: 46

Comments

Jeff J - Middleton, Wisconsin

"Enjoyed the panel discussions that added real life examples. Annotated Tax Provisions for LLC agreements will be quite useful."