ACPEN Signature: 2021 Partnerships and LLCs Update

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The taxation of LLCs and other entities taxed as partnerships continue to change.  The IRS has complex new rules regarding reporting negative tax basis capital accounts and their rules have created confusion for practitioners between tax basis, tax basis capital accounts and 704(b) capital accounts.  Treasury has issued new Regulations in a number of areas including the taxation of carried interests and withholding on foreign partners.   The IRS Chief Counsel position on at risk in an LLC seems to have gained support in the Bordelon case. 

Clients have ongoing issues in connection with the granting of interests to employees, and the reporting changes that necessitates as former employees become partners. The taxation of gain on sale of carried interests has been modified.  

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected].

Basic Course Information

Learning Objectives

• Stay up to date on changes under Subchapter K
• Address new IRS Form changes affecting partnerships
• Understand partnership tax basis capital account options

Major Subjects

• NEW final Regulations on Carried Interests
• What are the differences between being a partner and an employee?
• NEW Withholding of Tax and Information Reporting with Respect to Interests in Partnerships Engaged in a U.S. Trade or Business
• A review of changes to Form 1065
• Update on Reporting Negative Tax Basis Capital Accounts
• An In-Depth Dive into Tax Basis versus Tax Basis Capital Accounts versus 704(b) Capital Accounts
• NEW case law on the application of basis and at-risk limitations in a single member LLC
• A review of the cancellation of debt rules as applied to partnerships and possible traps involving loans to partnerships
• Update on any legislative developments affecting entities taxed as partnerships

1980. Clinton Davis, JR. practices law in the Dallas, Texas law firm of Krage & Janvey, L.L.P.  He was licensed in Texas in 1982, has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988 and is a member of the College of the State Bar of Texas.  He has also been licensed as a Certified Public Accountant in Texas since 1980 and as an attorney in Florida since 1980.  Mr. Davis attended law school at Southern Methodist University and received his Juris Doctor degree, cum laude, in 1980.  At SMU, Mr. Davis was selected to membership in the Order of the Coif, an honor society limited to graduates in the top 10% of the graduating class.  Mr. Davis received his bachelor of science degree in accounting from Northwestern State University of Louisiana where he graduated first in his class.  Mr. Davis is a frequent speaker at CPE programs and conferences.  He is the author of the TSCPA programs Principles of LLC and Partnership Taxation:  An Introduction to Subchapter K, Navigating the LLC and Partnership Allocation and Basis Minefield, and LLC and Partnership Taxation for the Sophisticated Practitioner. 

James A. Smith, CPA, CGMARelated seminars and products: 11

Managing Director

Smith, Jackson, Boyer & Bovard, PLLC

JAMES A. SMITH, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm.  In his forty-seven years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation, and health care.  He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses.  He has also been engaged extensively in tax and financial planning consultations for closely held businesses and their owners; tax compliance and tax controversy representation.

Mr. Smith has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state-wide tax television program; and on various radio news programs.  He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA, stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs.  He has made presentations on analyzing financial statements for the reporting staffs of the Dallas Morning News, Dallas Business Journal, Wall Street Journal, and San Antonio Express.  He has also made CPE presentations on SSARS standards for the Illinois Society of CPAs, the Texas Society of CPAs, the Dallas Chapter of TSCPA, the Southeast Texas Chapter of TSCPA, and others.

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors, and as Treasurer and Treasurer-Elect. He served as an elected member of the AICPA Council 2007 through 2011 and 2012 through 2015.  He also served as an appointed member of two of the AICPA’s key standard setting committees:  the Accounting and Review Services Committee, 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2018.  He has served as Chair of the Dallas Chapter of TSCPA (DCTSCPA) for the 2002-2003 year and a member of its Board of Directors.  He has served the TSCPA as Communications Subcommittee Chair of the Federal Tax Policy Committee, Attestation Subcommittee Chair of the Professional Standards Committee, Chair of the External Relations Steering Committee, Chair of the Strategic Planning Committee, Chair of the MAP Future Issues Committee, Sub-Committee Chair of the Quality Review Committee, and Chair of the Public Practice Association.  In recognition of his service, Mr. Smith has been named an Honorary Fellow of the TSCPA in 2017, presented with its Meritorious Service to the Accounting Profession in Texas Award in 2013, and had been named Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Years 1992-1993 and 1995-96.  The DCTSCPA also named him CPA of the Year for 1999-2000.

Mr. Smith is a graduate of Southern Methodist University with a BBA in Accounting and Economics.  He is a Certified Public Accountant in the state of Texas and is a licensed Registered Investment Advisor.

Mr. Smith resides in Dallas with Charlie, his wife of 49 years. They have three grown daughters, all of whom are married, a grandson and three granddaughters.

Bill H. Wilson, CPARelated seminars and products: 2

Bill Wilson, CPA, is a manager in the Passthrough Entities Practice Area in the Internal Revenue Service’s Large Business and International Division.  He holds a B.S. in Business Administration with a major in accounting from George Mason University in Fairfax, Virginia, and a Master of Taxation degree from Virginia Commonwealth University in Richmond, Virginia.  In addition to his work at the IRS, Bill is an adjunct lecturer in the Graduate School of Management at the University of Texas at Dallas. 

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