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Live Webinar

100-minute live streaming program
  • June 23
  • 1:00 - 2:40 pm EST

Pass-Through Entities Tax Risks

June 23

Understand the benefits and complexities of electing to be taxed as a partnership.

Navigate through the evolving tax treatment of pass-through entities and understand its basic principles, issues that arise when working with entities taxed as partnerships, and considerations for when to use a pass-through entity. This topic will help you understand the complexities of partnership taxation created by the duality of the partnership’s existence as a separate entity and as a pass-through, including the framework of the Code §199A qualified business income deduction. Electing to be taxed as a partnership offers substantial benefits for your clients that can both simplify and add complexity depending on the situation. This information will introduce you to Subchapter K and discuss planning strategies, cautions, and the gray areas.

Learning Objectives

  • You will be able to identify potential issues related to the taxation of entities taxed as partnerships.
  • You will be able to determine whether an entity should be taxed as a partnership or as a corporation.
  • You will be able to discuss the rules and benefits of the Code §199A Qualified Business Income Deduction, including its limitations and phaseouts of 199A.
  • You will be able to explain which types of entities or taxpayers can and can’t utilize 199A and when it can and cannot be utilized.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Pass-Through Entity?
  • Taxation of Corporations
  • Taxation of Pass-Throughs
    • Check-the-Box Rules
    • Tax Rates
    • Form 1065 and K-1s
Issues That Arise With Pass-Throughs
  • Capital Retention
    • Phantom Income
    • Reinvesting Profit
  • Accounting Rules
    • Accounting Method Restrictions
    • Taxable Year Restrictions
    • Partners' Estimated Tax Payments
  • Allocation of Income and Deductions
    • Generally
    • Section 704(e) and Agreed Allocations
    • Contributed Property
  • Loss Limitations
    • Passive Loss Limitations
    • At-Risk Rules
    • Excess Business Loss Rules
  • 199A
    • Overview
    • Understanding Key Terms
    • Applicability
    • Limitations
Planning Considerations
  • Pros and Cons of Pass-Throughs
  • When to Use the Pass-Through Structure
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 100 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services 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 web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CPAs, attorneys, CEOs, presidents, vice presidents, CFOs, controllers, financial planners, business owners, bookkeepers, and tax preparers.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

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Cullen I. Boggus

Holton & Mayberry, P.C.

  • Associate at Holton & Mayberry, P.C.
  • Practice emphasizes trusts and estates, asset protection, and tax planning for ultra-high-net-worth clients
  • Conducts presentations in the area of trusts and estates law
  • Licensed to practice in Tennessee and Florida
  • Member of the ABA Real Property, Trust, and Estate Law Section; and Nashville Estate Planning Council
  • LL.M. degree, University of Florida; J.D. degree, University of Florida
  • Can be contacted at 615-957-1656 or [email protected]
Ryan J. Wautlet

Ryan J. Wautlet

Holton & Mayberry, P.C.

  • Associate at Holton & Mayberry, P.C.
  • Practice emphasizes trusts and estates, asset protection, and tax planning for ultra-high-net-worth clients
  • Conducts presentations in the area of trusts and estates law and tax law
  • Licensed to Practice in Tennessee, New York, and Virginia
  • Member of the ABA Real Property, Trust, and Estate Law Section; Tennessee, New York, Virginia, and Nashville Bar Associations; and Nashville Estate Planning Council
  • LL.M. degree in taxation, New York University; J.D. degree, George Mason University School of Law; B.S. degree in urban planning, Arizona State University
  • Can be contacted at 615-823-7640 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 408349
Published 2021
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