CPE Catalog & Events

Coverage of the Inflation Reduction Act of 2022 Single-member limited liability companies as an alternative to subsidiaries Cancellation of indebtedness: rules and regulations How the IRS views members or partners for Social Security purposes Special problems when forming an LLC Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions Death or retirement of a member or partner -- Understanding the alternatives Step-up in basis issues -- How to make the computations and elections Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property Partnership losses: when are they deductible?  See, in particular, TCJA and CARES override Material participation rules for LLC members and limited partners: how they affect passive loss issues Continuation and termination of an LLC/partnership in the context of a merger or acquisition Sales of an LLC Interest -- holding period, and hot asset issues Impact of the tax on investment income on the sale of an interest in a partnership or LLC Repeal of technical termination of partnership provision Impact of Soroban Capital Partners LP, 161 TC No.12

Disclosure - Overview Disclosure - Expense Disaggregation Implementation Guidance

Calculation of the GST tax and how it relates to the estate tax and gift tax Direct skips, taxable distributions, and taxable terminations GST tax allocations, Reverse QTIP election, and Exempt and Nonexempt Trusts Calculating the benefit of and designing Dynasty Trusts

California property taxation updated in light of Proposition 19 passage Qualified business income deductions [IRC Sec. 199A] Opportunity zone deferral related to real estate [IRC Sec. 1400Z-2] Passive activities loss rules [IRC Sec. 469] Real estate professional rules [IRC Sec. 469(c)(7)] Interest expense deduction rules [IRC Sec. 163] Home sale exclusion [IRC Sec. 121] 1031 exchanges Estate planning and gifting with real estate

Comprehensive coverage of the Inflation Reduction Act, including: The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, Residential Clean Energy Credit, Energy Efficient Home Improvement Credit, Premium Tax Credit, Elective Payment, Transferability, and Prevailing Wage and Apprenticeship Requirements Comprehensive coverage of the SECURE 2.0 Act, including: Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions, New Exceptions to Penalty-Free Withdrawal from Retirement Plans, and recent IRS guidance Timely coverage of breaking tax legislation Form 1099-K reporting requirements Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax The Gig Economy -- Tax implications, Independent Contractor vs. Employee Classification, and the DOL Final Rule FinCEN reporting requirements under the Corporate Transparency Act  Employee Retention Tax Credit updates Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas

Tax treatment of partnership distributions to partners of cash and property other than cash Basis of property received in a partnership distribution IRS’s new regulations regarding basis shifting in favor of high-marginal tax rate related partners Organization and structure of the new Form 7217 Who must file Form 7203 Determining the S corporation shareholder’s initial basis in his or her stock Basis limitations on partnership losses and deductions Organization and structure of Form 7203 — understanding the three parts of Form 7203 Filing criteria for Form 7203 Calculating an S corporation shareholder’s share of S corporation deductions and credits Understanding stock and debt basis

The impact of recent tax legislation on the real estate industry Depreciation and recapture Determining the basis when acquiring real estate Passive activity losses Calculation of gain or loss on sale of real estate Rental operations Installment sales

Key concepts of trusts, including recent trends; best practices; jurisdiction; and ways to avoid pitfalls Decanting Federal estate tax exemption and remaining relevance of trusts Irrevocable life insurance trusts The role of family dynamics Choice of trustee and other fiduciaries State trust-friendly considerations Charitable trusts Delaware Statutory Trusts Powers of attorney  Pet Trusts – the emerging necessities State, county, and local issues Portability QTIP issues Creditor considerations Potential IRA problems Problems with re-titling assets

Will Social Security be there for me? How is my benefit calculated? Can I claim my benefit and work too? When do I stop paying Social Security taxes? Why does my government pension cause my benefits to be reduced? Can I claim spousal benefits now and my own later? What is my breakeven? Can I claim benefits from my ex-spouse? What do you mean I may pay taxes on my income benefits? … and more!

Automatic enrollment requirements for 401(k) plans Change in the credit for small employer pension plan startup costs $2,000 saver’s match Changes in pooled employer plans Multiple employer 403(b) plans Increase in age for required beginning date for mandatory distributions Indexing IRA catch-up limit Higher catch-up limit to apply at age 60, 61, 62, and 63 Treatment of student loan payments as elective deferrals for purposes of matching contributions Application of credit for small employer pension startup costs to employers who join an existing plan Small immediate financial incentives for contributing to a plan Withdrawals for certain emergency expenses Starter 401(k) plans for employers with no retirement plans Improving coverage for part-time workers Recovery of retirement plan overpayments Tax treatment of IRAs involved in a prohibited transaction Clarification of substantially equal periodic payment rule

Substantially increased IRS funding provided by the Inflation Reduction Act IRS test program in 2024 to determine if it should prepare tax returns Using improved data and analytics to tailor timely collections contacts Auditing large corporations and partnerships Audits of high income and high net worth individuals Information Document Requests What happens when a client agrees or disagrees with the IRS’s audit findings The Dirty Dozen: roadmap to IRS audit issues

Contract principles Legal issues related to various types of business organizations Worker classification Employee rights and the duties of employers Real property law

Understand the four loss limitation rules applied on the owner's individual income tax return (i.e., basis, at-risk, passive and excess business loss limitations) Determine how to calculate an owner's initial tax basis of his pass-through entity Learn how to correctly make annual adjustments to a pass-through owners tax basis Identify what constitutes a debt basis for an S corporation shareholder Learn the tax ramifications of repaying loans to S corporation shareholders

Intestate succession and probate administration Holding title to assets Lifetime asset transfers and testamentary asset transfer planning Structures to avoid or minimize transfer taxes Living trusts, including A-B and A-B-C, life insurance trusts, terminating irrevocable trusts, use of trust protectors, trust administration during incapacity and post-mortem

Update on latest cases, rulings, and regulations including the final regs Provisions of Revenue Procedure 2022-19: Relief for S corporations Legislative update on retirement plan changes of the SECURE Act 2.0 How to handle liabilities of LLCs Planning opportunities and pitfalls in determining basis and amounts at risk -- recourse and nonrecourse debt issues for LLCs, and much more Section 199A pass-through deduction planning Partnership planning -- Structuring partnership distributions and transfers of interests Optional basis adjustments -- §§754 and 732(d) Planning for the utilization of §179 and for the scheduled phase out of bonus depreciation  Basis, distribution, redemption, and liquidation issues of S corporations Compensation in S corporations Sale of a partnership -- the best planning concepts What you need to know about family pass-throughs -- Estate planning, family income splitting, and compensation planning Partnership and LLC allocations A brief look at possible future changes to the taxation of pass-through entities The who, what, when, where, and how of the new FinCEN BOI reporting requirements

Comprehensive coverage of the Inflation Reduction Act, including: The Clean Vehicle Credit, Credit for Previously Owned Clean Vehicles, Credit for Qualified Commercial Clean Vehicles, Residential Clean Energy Credit, Energy Efficient Home Improvement Credit, Premium Tax Credit, Elective Payment, Transferability, and Prevailing Wage and Apprenticeship Requirements Comprehensive coverage of the SECURE 2.0 Act, including: Expanding Enrollment in Retirement Plans, Increase in Age for Required Beginning Date for Mandatory Distributions, New Exceptions to Penalty-Free Withdrawal from Retirement Plans, and recent IRS guidance Timely coverage of breaking tax legislation Detailed analysis and examples of Sale of Passthrough Entity Interest and Net Investment Income Tax The Gig Economy -- Tax implications, Independent Contractor vs. Employee Classification, and the 2024 DOL Final Rule Real Estate professional requirements Review of pertinent cases and rulings affecting taxpayers Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more Advanced practice, reporting, and other issues intertwined with advanced planning and discussion ideas

Quality management standards SAS 146, SSARS No. 26, and SSAE 23 Risk assessment, which forms the basis of the SQM Monitoring and evaluating the SQM

Final regulations on “eligible terminated S corporations” (ETSCs) Cases, rulings, and tax law changes affecting S corporations Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues, including IRS efforts to address underreporing of S corporation officer compensation Use of redemptions: still some advantages Planning for the liquidation of an S corporation Tax issues for family ownership of S corporation stock Impact of the tax on net investment income on sales of S corporation stock Stock basis: Loss limitations, AAA, and distribution issues in depth Debt basis: what the regulations on back-to-back loans mean to investors Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance Built-in gains: the 5-year recognition period S corporation structuring: one class of stock Methods of accounting Legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates

How is fraud detected The role of external auditors in finding fraud Revenue recognition issues Corrupt management Data mining Physical and biometric controls

Understand the four loss limitation rules applied on the owner's individual income tax return (i.e., basis, at-risk, passive and excess business loss limitations) Determine how to calculate an owner's initial tax basis of his pass-through entity Learn how to correctly make annual adjustments to a pass-through owners tax basis Identify what constitutes a debt basis for an S corporation shareholder Learn the tax ramifications of repaying loans to S corporation shareholders