ACPEN Signature 2023: Partnership & LLCs Tax Update
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- Not yet rated
- Bundle:
- ACPEN Signature 2023 Bundle: TAX PACKAGE - DELUXE (32 Hours)
- Categories:
- ACPEN Signature | Tax | IRS Approved
- Speakers:
- C. Clinton Davis, CPA, JD | James A. Smith, CPA, CGMA | William Wilson, CPA | Mark George, CPA, ABV
- Course Levels:
- Update
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 40 day(s) after program date.
Description
LLCs and partnerships continue to present some of the greatest challenges for return preparers and advisors:
This program will address:
- Recent developments regarding the unified partnership audit rules;
- An SE tax update for LLCs and partnerships and the correct and incorrect use of blocker entities;
- Disregarded entity rules and transactions;
- Waterfall and safe harbor allocation examples;
- Required allocations under Section 704(c);
- When is a loss actually deductible?
- Identifying various types of partnership debt properly for basis purposes;
- The 754 election;
- Reporting LLC and partnership interests on gift and estate tax returns and valuation of closely held businesses and minority interests.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Learning Objectives- Learn to prepare for an LLC or partnership audit and the elections available.
- Learn to avoid allocation and basis calculation errors.
- Identify disregarded entities for income tax purposes and how those are treated differently under other taxes.
- Learn how partnerships and LLCs are addressed in estate and gift tax reporting rules.
Major Subjects
- IRS audits
- Allocations and Basis
- Proper reporting
- Valuation of closely held business interests
Course Materials
| Important_CPE Credit Instructions_Read Before Webcast (442.7 KB) | 2 Pages | Available after Purchase |
| IRS CE Credit Request Form (137 KB) | Available after Purchase |
Speaker
C. Clinton Davis, CPA, JD Related seminars and products
Krage & Janvey, L.L.P.
C. Clinton Davis, Jr., CPA, JD, 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 TaxLaw 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 Accounting 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.
James A. Smith, CPA, CGMA Related seminars and products
Managing Director
Smith, Jackson, Boyer & Bovard, PLLC
James A. 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.
Mark George, CPA, ABV Related seminars and products
Mark George, CPA, ABV, is Managing Director of George Valuation Advisors, a Dallas-based business valuation and financial consulting firm. Previously, Mark was the Managing Director of Phalon George Capital Advisors, in Dallas, Texas, and Manager of the Valuation Services Group of KPMG, LLP, and a Senior Staff member of Valuation Services for Ernst & Young, LLP, also in Dallas. For over 20 years, Mark George has been focused exclusively on the valuation of businesses, partnership interests, and intangible assets. He has completed hundreds of business appraisals in a wide variety of industries. His valuation opinions have provided the basis for gift and estate tax computations, employee stock ownership plans, acquisitions and divestitures, purchase price allocations including intangible asset valuations, derivative securities prices, restricted stock, and litigation support. Mark is a CPA licensed in Texas and Accredited in Business Valuation by the AICPA. He is a frequent speaker on valuation issues.
Additional Info
Basic Course Information
PrerequisitesNone
Advanced Preparation
None
Designed For Public Practitioners, Industry CPAs, and EAs
Original Recording Date 11/15/2023
Yellow Book No
Course Developer Business Professionals' Network (ACPEN)
Date Added to Catalog 03/01/2023
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints.
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
Instructional Delivery Method
Group Internet Based
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.
Course Registration Requirements
Online Registration