Business & Industry Fest: Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners
105 | TSCPA In Person Events | Intermediate | Scheduled
If only we could see ourselves as others see us. This course is designed to review some common pitfalls and real-world issues. Learn the traps taxpayers fall into -- before you make the mistake.
The material includes a study of the law underlying the tax or practice issue, which will assist practitioners in satisfying their professional standards of practice and will help in preparing business returns. Avoid these missteps, plan for a better tax result, and benefit from a wealth of knowledge that can be applied to practice.
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Experience with business clients
- Don't get caught watching the paint dry
- Professional practice and reporting issues for all entities
- IRS battles against blind basis
- Pernicious precedents in payroll penalties, enforcement activities are hot
- So what is next with the Department of Labor
- Can I amend prior returns to correct an impermissible accounting method?
- Failure to recognize taxation on service partners
- Oversight in not taking into account §179 limitations at the entity level
- Business issues and the significant tax problems in related party transactions
- Recognizing a related party transaction
- Define a recourse indebtedness and a nonrecourse indebtedness and describe how such liabilities are allocated among the partners
- Discuss which tax items are determined at the entity level
- Describe the character of partner/member distributions and earnings on pensions
- Identify the employment tax regime applicable to partners and members
- State why guarantees are useful to an LLC member
- Member (Early Bird)
- Non-Member (Early Bird)
James W. Harden, Ph.D., CPA, ChFC
J. William Harden is an associate professor in the Bryan School of Business and Economics at the University of North Carolina at Greensboro where he teaches tax courses on flow-through entities and individual and corporate tax. He is currently in sole practice in High Point, N.C., focusing on taxation and financial planning for small businesses and individuals.
Dr. Harden is a published author, with more than 25 articles appearing in popular practitioner journals and publications such as Strategic Finance and Journal of Business Finance and Accounting. In 2002, he was the recipient of a Lybrand Certificate of Merit. He has also testified before the House Ways and Means Oversight Sub-Committee on Internet taxation issues.
Dr. Harden received his bachelor’s degree in business administration from North Georgia College, his master of taxation from Georgia State University, and his Ph.D. from the University of Kentucky.Back to Facilitators