2-4 years of tax preparation experience.

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Hard Copy


Online Access


Course Description

This breakout course from Sharon Kreider gives you an in-depth look at all of the issues surrounding LLCs. You’ll learn everything you need to know about the formation, structure, and operational concepts of LLCs. Also covered are 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, and acquire detailed knowledge on how the entity is taxed.

Please note that the material in this course is also covered in Pass-Through Entities In-Depth.


Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education.

Course Specifics

Jun 9, 2017
2-4 years of tax preparation experience.

Compliance Information

IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-01159-17-S
IRS Federal Tax Law Credits: 8
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1113
CTEC Federal Tax Law Credits: 8
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Section 1

  • 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.

Section 2

  • 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.

Section 3

  • 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.

Section 4

  • 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.

Section 5

  • 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.

Section 6

  • Recognize the tax treatment of investment income and acceptable reporting methods.

Section 7

  • 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.

Section 8

  • Identify proper §754 election procedures.

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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