Appalachian Cluster: Partnerships and LLCs: Avoiding Common Pitfalls Facing Practitioners

228  |  TSCPA In Person Events  |  Intermediate  |  Scheduled


Have you ever left a CPE seminar wishing you had learned something that would really help your bottom line? This course is designed to review some common pitfalls and real-world issues. Find out the answers to tough questions regarding tax planning and strategies for the limited liability company and partnership clients.


Number of Credits Type of Credits
3.33 CLE
4 Tax


Experience with business clients


  • Is there a "flexible standard of law" in regard to closely held entities?
  • Good tax debt vs. bad tax debt
  • Can I amend prior returns to correct an impermissible accounting method?
  • Ignoring the operating agreement if special allocations do not meet the substantial economic effect test
  • Failure to recognize taxation on service partners
  • For LLCs operating as an S Corporation, just what is causing inadvertent terminations today; it happens more than you think
  • Oversight in not taking into account 179 limitations at the entity level
  • Pension issues
  • Business issues and the significant tax problems in related party transactions
  • Recognizing a related party transaction
  • Who signs the Power of Attorney for an LLC?
  • Documentation required by the sponsor (not the third party administrator) for plan loans


  • 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


Download course material prior to event.


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Donald Cooley, CPA

Donald B. Cooley, CPA is a partner in the accounting firm of Cotner, Cooley, Clark & Sharp, LLC. He has 24 years of public accounting experience specializing in tax, accounting, and management advisory for closely held businesses and individuals. His work experience includes time with local and Big Four accounting firms.

Mr. Cooley has been an adjunct faculty member at Rio Grande University and has presented tax and accounting seminars for the Ohio University Emeriti Foundation and the Ohio University Small Business Development Center.

Mr. Cooley is a graduate of Ohio University, with a degree in Accounting.

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