ACPEN Signature: 2021 Partnerships and LLCs Update
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 49
- Categories:
- ACPEN Signature | ACPEN Tax Institute | IRS Approved | Tax
- Faculty:
- C. Clinton Davis, CPA, JD | James A. Smith, CPA, CGMA | Bill H. Wilson, CPA | Matthew S. Beard, JD. | William Hornberger, JD, CPA
- Course Levels:
- Update
- Duration:
- 8 Hours
- License:
Description
The taxation of LLCs and other entities taxed as partnerships continue to change. The IRS has complex new rules regarding reporting negative tax basis capital accounts and their rules have created confusion for practitioners between tax basis, tax basis capital accounts and 704(b) capital accounts. Treasury has issued new Regulations in a number of areas including the taxation of carried interests and withholding on foreign partners.
Clients have ongoing issues in connection with the granting of interests to employees, and the reporting changes that necessitates as former employees become partners. The taxation of gain on sale of carried interests has been modified.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Learning Objectives- Stay up to date on changes under Subchapter K
- Address new IRS Form changes affecting partnerships
- Understand partnership tax basis capital account options
Major Subjects
- Syndicates
- Changes to Form 1065
- New Withholding Rules on Foreign Partners
- Employee Vs. Partner Classification
- Final Carried Interest Regulations
- Allocations in 704(b) Capital Accounts
- Tax Basis Capital Account Reporting
- PPP Loans
- COD
Course Materials
| Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
| IRS CE Credit Request Form (138.5 KB) | Available after Purchase |
| ACPEN_Signature_2021_Partnerships_LLCs_Update_Manual (34.5 MB) | 258 Pages | Available after Purchase |
| ACPEN Signature: 2021 Partnerships and LLCs Update_Q&A (12.3 KB) | Available after Purchase |
Faculty
C. Clinton Davis, CPA, JD Related seminars and products
Krage & Janvey, L.L.P.
C. Clinton Davis, Jr., CPA, JD, is with the law firm of Krage & Janvey, LLP in downtown Dallas. He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting. He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.
He has been a licensed CPA in Texas since 1980. He has been Board Certified in TaxLaw by the Texas Board of Legal Specialization since 1988. He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs.
Clint also speaks before various bar associations and accounting conferences and is a frequent presenter and moderator on the Accounting Continuing Professional Education Network. Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.
James A. Smith, CPA, CGMA Related seminars and products
Managing Director
Smith, Jackson, Boyer & Bovard, PLLC
James A. Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas Certified Public Accounting firm. He practices extensively in tax compliance, planning and controversy representation for individuals and entrepreneurial businesses. He also is engaged in the preparation, compilation and review of financial statements; exit strategy planning for entrepreneurs; merger and acquisition planning and transactions; and forensic accounting and litigation services. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Professional Standards and Federal Tax Policy Committees since their inception. He served as a member of the AICPA Council 2007 through 2011 and from 2012 through 2015. He also served as an appointed member of two of the AICPA’s key standard setting committees: the Accounting and Review Services Committee from 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2017.
Bill H. Wilson, CPA Related seminars and products
Director
Whitley-Penn, LLP
William H. “Bill” Wilson, CPA, recently retired after 37 years with the IRS. Bill was most recently a manager in the Passthrough Entities Practice Area of the Internal Revenue Service’s Large Business and International Division where he led a team of partnership subject matter experts. Bill has recent experience in partnership compliance initiatives, changes to Form 1065, and various partnership technical guidance projects.
Bill holds a B.S. in Business Administration with a major in accounting from George Mason University and a Master of Taxation degree from Virginia Commonwealth University. Bill has also taught partnership taxation at the graduate level and is a frequent speaker on partnership tax issues.
Matthew S. Beard, JD. Related seminars and products
Matthew S. Beard, P.C
Matthew S. Beard, JD, practices with the firm of Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P., based in Dallas, Texas. His practice spans two broad areas of taxation: estate planning and probate and income tax and business planning. In his estate planning and probate practice, Mr. Beard designs and implements estate and business succession plans with an emphasis on federal tax issues. He often works closely with accountants, bankers and financial advisors in this process. Mr. Beard also represents fiduciaries in all facets of estate and trust administration. This typically includes court proceedings, tax matters, administration and transfer of assets, and matters before the IRS. Mr. Beard is the author of "An Introductory Guide to Tax and Estate Planning," which provides an introduction to estate planning under Texas law and planning for federal estate, gift, and generation-skipping transfer taxes. On transactional matters, Mr. Beard advises clients with a focus on tax issues. He works with a broad range of entities, such as partnerships, limited liability companies, and publicly traded "C" corporations. Transactions include formations, acquisitions/mergers, and liquidations. Mr. Beard is the author of "Annotated Tax Provisions for Limited Liability Companies," which includes tax provisions for company agreements with explanations of how the provisions operate and provide pass-through taxation. Prior to joining the firm in 2012, he was an associate with one of the largest Texas-based law firms.
William Hornberger, JD, CPA Related seminars and products
Jackson Walker LLP
William Hornberger, JD, CPA, is passionate about the practice of law and about helping people and enterprises achieve business goals. For nearly 30 years, he has practiced in the areas of tax, transactional, international and corporate law at Jackson Walker and has loved every minute of it! His tax practice has touched nearly every area of the tax law, including corporate, partnerships and LLCs, international, real estate, corporate, oil and gas, bankruptcy, tax credit and tax controversy and procedural matters. His broad transactional practice includes mergers and acquisitions, complex partnership, joint venture, real estate and private equity arrangements, complicated cross-border business structuring matters involving investors from multiple countries, Tax Treaty and IRS Competent Authority matters. He has represented taxpayers on tax controversy matters in IRS administrative appeals and before the U.S. Tax Court, the U.S. District Court, the U.S. Bankruptcy Court, the Courts of Appeals for the Fifth and Eleventh Circuits and the U.S. Court of International Trade. Active professionally, William is a member of the American Bar Association, the State Bar of Texas, and has acted as Chair of its Section of Taxation. He is also a member of the AICPAs, and served on its Council. William is a member of the Texas Society of CPAs and served as its Chair, and on its Executive Board.
Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Course Developer Business Professionals' Network, Inc.
Yellow Book No
Original Recording Date 5/26/2021
Date Added to Catalog 01/24/2021
Designed For
Public Practitioners, Industry CPAs, and EAs
Additional Information
Instructional Delivery Method Group Internet BasedComplaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, 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 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
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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