Event Description

This year practitioners need to keep abreast of tax changes affecting pass-through entities used by their business clients and employers, and this enlightening course delivers that information. You will learn invaluable strategies, techniques, innovative tax-planning concepts, income-generating ideas, and other planning opportunities available to S corporations, partnerships, LLCs, and LLPs. Continually updated to reflect enacted legislation.

Designed For

All tax practitioners, both those working in public accounting as well as those in private industry, who need the latest information on tax changes affecting their business clients or employers

Objectives

Understand the major issues on which taxpayers and the IRS are in conflict Understand how COVID-19 legislation impacts planning for pass-throughs Understand recent IRS guidance and legislation impacting pass-through entities

Major Subjects

A new supplement discussing major provisions of The Build Back Better Act, as well as key provisions of the Infrastructure Investment and Jobs Act  Key provisions of Senate Finance Committee Chairman Rob Wyden’s Pass-Through Reform Discussion Draft The CARES Act, FFCRA, CAA 2021 and ARPA COVID-19-related provisions, including employer credits, SBA loans, RRF grants, and expanded leave programs Updated guidance on partnership tax basis capital account reporting requirements  Continued, updated guidance on the impact of the TCJA on S corporations and partnership entities New proposed regulations regarding the centralized audit regime Selected Practice and Reporting Issues: What’s new? A review of recent cases, rulings, and tax law changes affecting S corporations, partnerships, limited liability companies, and limited liability partnerships Choice of entity issues, with a preview of the potential impacts of the Biden administration’s proposed Made in America tax plan An overview of the state tax issues related to remote work during the COVID-19 pandemic Employee vs independent contractor considerations that companies should be aware of Detailed review of §465 at-risk and §469 passive activity loss limitation rules Impact of the CARES Act on §§163(j) and 461(l) Impact of the net investment income tax on the owners of pass-through entities Any late-breaking tax legislation Review of the most important business tax cases, revenue rulings, PLRs, etc.

Prerequisites

Experience with pass-through entity clients

Instructions

None