Limited Liability Companies (LLCs)

PROGRAM CONTENT

Content includes a general overview of tax rules for limited liability companies (LLCs), default rules for tax classification of LLCs, elections available for tax treatment of LLCs, and LLC comparison to taxation of corporations and partnerships. Rules for disregarded entities, liability issues, and conversion of single-member to multi-member LLCs are also discussed. The course provides continuing professional education (CPE) to enhance a preparer’s competence in advising business tax clients and satisfies education requirements for one hour of federal tax law.

CPE CREDIT HOURS

1 Credit Hour. One 50-minute period equals one CPE Credit Hour.

LEARNING OBJECTIVES

• Learning Objective A
  • Identify the characteristics of LLCs.
• Learning Objective B
  • Use default rules for classification of LLCs.
• Learning Objective C
  • Recognize the effects of elections available for tax treatment of LLCs.
• Learning Objective D
  • Apply tax rules for LLCs classified as partnerships.
• Learning Objective E
  • Utilize tax rules for LLCs classified as corporations.

RECOMMENDED PARTICIPANTS

This course is recommended for tax professionals who advise and prepare small business tax returns for clients.

PROGRAM LEVEL

Overview. This course provides a general overview of the subject area from a broad perspective. It is appropriate for tax professionals at all organization levels.

*All CE hours issued by The Tax Book