Life Cycle of LLCs and Partnerships (2021)
Author: Spidell Publishing, Inc.
Electronic version only
This product is available as a complete book (federal and CA) without CPE credit. Customers may purchase 4 hours of federal credit or 2 hours of CA credit by also adding the CPE option(s) to their shopping cart before checkout. See descriptions below for more information.
Includes a 113-page PDF manual
Volume I: Preformation considerations, formation decisions, operational issues, selling or ceasing, inheriting a business, LLCs and estate and gift taxes, and when to use a single-member LLC.
With this four-hour federal section, you will be able to:
- Learn the mechanics of filing an LLC
- Compute the basis of the partners’/members’ interest
- Compare a contribution of cash versus a contribution of assets
- Understand the consequences of an elected deferral when making a fiscal-year election
- See how the sale of a taxpayer’s profits interest in a partnership in exchange for services is treated
- Discover the tax consequences of a partnership dissolution
- Learn to compute the basis and how the at-risk rules work
- Determine what constitutes qualified business income for purposes of IRC §199A
- Clarify rules for self-employment tax treatment for LLC members
- Determine tentative taxable income when computing the business interest deduction limitation
- Choose which fringe benefits are taxed to a partner
- Figure out how to treat the sale of assets and their subsequent distribution is taxed versus the sale of the interest
- Determine the consequences of transferring assets through the use of an LLC
Volume II: California-specific issues
With this two-hour California section, you will be able to:
- Understand what constitutes “doing business” in California
- See when an LLC registered to do business in California but not otherwise considered to be doing business in California has a filing obligation
- Identify what is included in the LLC fee computation
- See who is eligible and how to apply for voluntary administrative dissolution
- Determine when Ralite and/or an offer in compromise may still apply to an LLC if the administrative dissolution option is not available
|CPA||Up to 6|
|EA||4 Federal Tax|
|CRTP (CTEC)||4 Federal Tax and/or 2 CA|
|Attorney||Up to 5 General MCLE/Tax Specialization|
Course level: Basic
No advance preparation is required.
Want to order by phone? Call us at: (714) 776-7850
This course is designed to meet the requirements for the specified number of hours of continuing education. The federal portion of this course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E). The federal and California sections of this course have been designed to meet the requirements of the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 714-776-7850. Spidell Publishing, Inc. 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 renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or phone at 877-850-2832, or on the internet at www.CTEC.org.
Spidell Publishing, Inc. 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 the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for up to 6 hours of continuing education for the California Board of Accountancy. Level: Basic. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. There are no prerequisites or advanced preparation required.