ACPEN Signature 2024: Partnership & LLCs Tax Return Preparation

Overview

LLCs and partnerships continue to present some of the greatest challenges for return preparers and advisors.  This program will address the latest developments:

• New IRS audit initiatives
• An SE tax update for LLCs and partnerships
• Disregarded entity rules and transactions
• Common allocation problems
• Identifying various types of partnership debt properly for basis purposes
• The 754 election in the sale of interests and at death
• 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 kori.herrera@acpen.com.

Prerequisites

None

Objectives

• Learn about new IRS audit initiative
• 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

Highlights

• IRS audits
• Allocations and Basis
• Proper reporting
• Valuation of closely held business interests