LLC Classifications & Elections

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Default classification

5 mins
Eligible entities

12 mins
Requirements to make election

19 mins
Elective changes

30 mins
Classified corporation elects to change to DRE

40 mins

Course Description

Limited liability company (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 firm. 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.

This online CPE/CE webinar on Taxes cover the following 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.

Recommended For

This IRS-Approved CE/CPE webinar is recommended for CPA, EA, AFSPs, CTECs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to explore limited liability company

Who Should Attend?

Auditors
CPA (Industry)
CPA - Large Firm
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial CPA
Staff of Accounting Firm
Tax Attorney
Tax Managers
Tax Practitioners
Tax Preparer
Tax Pros
Young CPA

Course Qualification

Webinar Qualifies For

1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0897)
1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01021-22-S)
1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01021-22-S)
1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01021-22-S)
1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1 CE Credit for Certified Wealth Strategist (CWS)
1 General Credit for Accountant/Bookeeper

Additional details

Course Level :

Basic
Credits :

1
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

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).

Faq

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