AICPA Tax Fundamentals of LLCs and Partnerships

Tax Fundamentals of LLCs and Partnerships – Tax Staff Essentials

Master the Foundations of LLC & Partnership Taxation

The Tax Fundamentals of LLCs and Partnerships – Tax Staff Essentials course provides a comprehensive introduction to partnership and LLC taxation, making it an essential resource for tax professionals handling pass-through entities. Whether you're a beginner or need a refresher, this course equips you with the knowledge and practical skills required to understand tax structures, compliance rules, and strategic tax planning for partnerships and LLCs.

• CPE Credits: 11
• Level: Basic
• Format: 100% Online, Self-Paced
• Access: 1-Year
• Authors: Robert Ricketts, Larry Tunnell

Why Take This Course?

This course is designed to provide a strong foundation in partnership taxation, covering entity formation, tax basis, distributions, and compensatory payments to partners.

• Learn the fundamentals of partnership taxation and LLC tax treatment.
• Understand check-the-box election rules and when they apply.
• Explore key concepts like partner contributions, profit allocations, and distributions.
• Develop skills to explain complex tax matters to clients with clarity.

Who Should Enroll?

This program is ideal for professionals who want to build expertise in partnership and LLC taxation, including:

• Public Accounting Staff & Seniors handling pass-through entity tax filings.
• Tax Professionals in Corporate Finance or Tax Departments dealing with LLCs and partnerships.
• Financial Advisors & Business Consultants advising clients on entity formation and taxation.

Key Topics Covered

• Basic tax structure of partnerships and LLCs
• Check-the-box elections for partnership taxation
• Partnership distributions and compensatory payments to partners
• At-risk and passive activity limits for partners
• Profit and loss allocations: general rules and restrictions
• Consequential court cases involving partnership formation

Learning Outcomes

By completing this certificate, you will:

• Identify the effects of investor contributions and distributions on partnership or LLC interest.
• Recognize the tax basis of assets transferred to a partnership at formation.
• Understand the tax consequences of liability transfers to partnerships or LLCs.
• Determine the proper treatment of partnership income for self-employment tax purposes.
• Differentiate between current and liquidating distributions.
• Apply Section 704(b) regulations to special allocations in partnership agreements.

CPE Credit & Course Details

• Format: Online, Self-Paced
• CPE Credits: 11
• NASBA Field of Study: Taxes
• Level: Basic (No prerequisites required)
• Access Duration: 1 Year
• Enroll today and build your expertise in LLC & partnership taxation.

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