November 6, 2024

Live Webcast

NYSED 4

The Top Five Tax Issues in Dealing with LLCs and Partnerships Webcast

November 6, 2024
Live Webcast
NYSED 4
  • View Bio

    Instructor

    Michael
    Reilly

    View Bio

    Michael Reilly

    Bio
    Michael E. Reilly, CPA, is a sole practitioner with offices in West Chester, PA. In addition to maintaining his practice, Mr. Reilly has been an adjunct professor at several colleges and was a visiting professor of Economics and Business at Lafayette College. He was also the CFO for a large insurance agency in Delaware County, PA, and was a licensed insurance agent in Pennsylvania. Mr. Reilly earned his bachelor’s degree in business administration with an accounting concentration from Temple University and his master of taxation degree from Villanova University School of Law. He also holds the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) certifications. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.
  • Coverage of important provisions of The SECURE 2.0 Act and Inflation Reduction Act
  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Determining basis: key issues and technical analysis in calculating basis
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference

Learning Objectives

  • Identify and distinguish guaranteed payments and distributive shares
  • Understand the relationship between capital account maintenance and outside basis adjustment
  • Define various kinds of partnership liabilities and explain the tax consequences of each

Major Topics

  • Coverage of important provisions of The SECURE 2.0 Act and Inflation Reduction Act
  • Self-employment tax issues: what you can and cannot do
  • Capital accounts: book vs. tax issues
  • Determining basis: key issues and technical analysis in calculating basis
  • Dealing with debt: recourse, nonrecourse, and why it matters
  • Guaranteed payments, distributive shares, and draws: understanding the difference

CPE Credits Available

NYSED 4
4
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Advanced Preparation

A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs

Intended Audience

Accounting and Financial Professionals who wish to gain a more in-depth understanding of LLC and partnership tax law

Provider

Surgent McCoy CPE LLC

This event has ended.