This course from Sharon Kreider gives you an in-depth look at all of the issues surrounding LLCs and S corporations. You’ll learn everything you need to know about the formation, structure, and operational concepts of these two entities. In addition, the materials cover legal and tax issues and rules related to distributions and liquidation. You’ll gain a complete understanding of the benefits and traps of choosing an LLC or an S corporation and acquire detailed knowledge on how the entities are taxed.
Upon successful completion of this course, participants will be able to:
- Identify the need for tax reform and the details of proposals from various politicians.
- Identify the entity type decision maker, what is required to form an LLC, and cite advantages and disadvantages.
- Specify which type of entity has the smallest chance of audit, the details of partner versus partnership adjustments and payments, and when the streamlined audit procedures apply.
- Identify the impact of changes from one entity type to another.
- Recognize the size of most large partnerships.
- Identify requirements under FinCEN.
- Specify the amount of start-up expenses deductible by LLCs and cite rules related to LLCs that elect a year-end other than a calendar year-end and the repercussions of this.
- Recognize when partnership tax returns are due, what year-ends are electable, and penalties for late filing.
- Specify when an LLC is considered an investment company.
- Identify the rules and requirements related to Section 704(C) property.
- Cite the time period for disguised sales.
- Identify contributed property ineligible for non-recognition treatment.
- Identify how distributive shares are determined.
- Specify how retiring member's interests are liquidated.
- Recognize LLC loss limitations.
- Identify the treatment of a reduction in LLC liabilities.
- Cite the section for electing basis discrepancy alleviation, as well as items includable in basis.
- Identify at risk tests.
- Specify appropriate compensation for LLC members.
- Recognize test requirements for special allocations.
- Identify the correct reporting for LLC/member inconsistencies.
- Identify the relationship between basis and distributions and between basis and liabilities.
- Specify distributions that prevent loss recognition.
- Recognize hot assets, extraordinary items, and disguised sales.
- Select the time period for presumed sales.
- Recognize the tax treatment of investment income and acceptable reporting methods.
- Recognize the difference between liquidations and sales.
- Identify the result of unrealized receivables or inventory transactions, as well as interest surrenders.
- Specify the proper reporting of exchanges involving unrealized receivables.
- Identify proper §754 election procedures.
- Note recent developments with S corporations, the formation and advantages of an S corporation, and the mechanics of the S election.
- Recognize the operational aspects and taxation of an S corporation, noting applicable penalties for late filing and compensation issues that are unique to S corporations.
- Identify fringe benefits and loss limitations for S corporations and their shareholders.
- Recognize the purposes of the AAA account and certain taxes that may be imposed on S corporations.
- Cite the consequences to both the S corporation and its shareholders when the S corporation is sold or liquidated.
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