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LLC Classifications & Elections

4.3 (204)

Susan Tinel, EA

April 15 Taxes Inc

Thursday, December 26, 2019 | 10:30 AM EDT

1 Credit

FREE

Subject Area

Taxes

Upcoming Webinars

Course Description

LLC’s, while a more flexible entity than corporations for legal requirements, can be quite complex for tax purposes.As your LLC clients’ business operations and classifications change, you need to make sure that you’re able to advise them through this transition while preparing their tax returns. 

In this webinar, we will walk through the process of changing an LLC from a multiple- to single-member LLC. The IRS treats single-member LLCs as sole proprietorships or corporations, and does not classify it as a partnership. There are also different tax forms necessary to file, such as Form 8823 (Entity Classification Election) and agreements from existing members, when transitioning from a multiple- to single-member LLC. If you have LLC clients, this is a key webinar for you! Learn the different classifications an LLC can fall under for income tax filings and how to file the various elections that can be associated with an LLC.

MAJOR TOPICS

  • Classification of entities as partnerships
  • Key differences between general partnerships, LPs, LLPs and LLCs
  • Partnerships: Formation, operations, liabilities and allocation of income and loss Distributions
  • Sale or exchange of partnership interests

Learning Objectives

  • Introduction to LLC for income tax purposes
  • Whar are Default Classifications & which entities will be taxed as partnerships.
  • To understand about Tax election – Form 8832 & Form 2553
  • Determine the tax consequences of partnership contributions and distributions.
  • Select the proper method for allocating items of partnership income, gain, loss, deduction and credit.

Who Should Attend?

  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Firm
  • Tax Practitioners
  • Tax Pros
  • Young CPA

Testimonial

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    [no_of_record] => 204
    [average] => 4.3235
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4.3

(204)
54%
29%
12%
3%
1%

KR

I loved Susan's webinar. It was practical, precise, and efficient. It was an effective way to learn many advanced concepts. I also liked the myCPE's social initiative of 1 credit 1 meal. Thank you myCPE for making me a contributor.

DK

Susan is a very passionate about her subjects. Her presentations are full of the best of the content and strategies to support attendees. I love to attend her webinars. She is always on the subject and point of concern. I recommend her webinar.

EG

The session was very insightful. I enjoyed earning CPE with you. It was a good webinar. It kept me engaged. Thank You Susan

KS

Susan's LLC CLASSIFICATIONS & ELECTIONS is a really good webinar for the CPAs who want to support their clients. This renewed CPE learning helped me with the key inputs that I believe helped me in many ways.

HK

It is certainly a privilage to attedn LLC Classification & Elections webinar by Susan Tinel. She has effective style of webinar delivery and rich content. It is of paramount importance that as CPAs we attend such webinars.

AP

Excellent and engaging presentation. Great information! It's always good to be reminded of the minute details of topics we take for granted