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OnDemand Course

Pass-Through Entities Tax Risks

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 recognize Pass-Through Entity characteristics
  • You will be able to identify tax characteristics
  • You will be able to identify Section 199A characteristics
  • You will be able to differentiate between Election Sections

92 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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
    • ChecktheBox Rules
    • Tax Rates
    • Form 1065 and K1s

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
    • AtRisk 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 35 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

OnDemand Course

This course was last revised on June 23, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
     
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Why Lorman?

Over 35 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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Over 35 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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Product ID: 408349
Published 2021
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