ACPEN Signature 2023: Partnership & LLCs Tax Update

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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