Everything You Need to Know About Partnership 8 Credits
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Initial partnership considerations go beyond registering the name, applying for identification numbers, and preparing the Articles of Organization. Key to the formation is a partnership agreement that spells out how day-to-day and sticky aspects of running a business are handled. Creating the partnership agreement and setting up the proper entity/structure for the partnership are the two most important steps in the partnership process.
Flexibility is a primary reason businesses select to operate as a partnership or LLC. Significant flexibility is allowed when initially funding the partnership. In addition to the known considerations, other key considerations are often overlooked. Transferring ownership and whether this right is unrestricted, payouts on the dissolution of the partnership, and the level at which capital accounts are required to be maintained should all be addressed at formation.
Partnerships have specific tax reporting requirements that are different from other businesses. Partnership taxes are a two-step process: The partnership as an entity must report income, gains, losses, credits, and deductions, like other businesses. However, partnerships don't pay taxes on income. Instead, the partners pay taxes on their share of the partnership income they paid.
This CE course covers recent IRS regulations on IRC 754, including the removal of the partners' signature requirement for the 754 elections and the new requirement for filing a written statement during the year of distribution transfer.
Key Topics:
Join Nicholas Preusch in this CE/CPE tax webinar to understand everything you need to know about partnerships and how to prepare partnership tax returns.
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Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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JL
The course was very informative. Nick needs a better stylus for doing examples. I'm not a tax preparer so I had to go over 751 a couple of times. I work for an LLC that's taxed as a partnership some this course was very helpful. There was a disconnect between the presentation and the test. Test had section 199a and Passive Activity Grouping but these topics weren't addressed in the presentation.
TL
Topics on partnership can be lengthy and overwhelming, but the presenter is skilled at explaining complex topics using plain languages. He managed to dive into the complexities of details of almost everything single topic over partnership, citing simple numbers to shed lights on this seemingly daunting subject. What a fantastic job Nicolas has done today! Thank you so much.
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