2009-2010 Limited Liability Company (LLC) & Partnership Federal Tax Update

Did you know that an LLC has more than 3 years to file Form 8832?

Running Time: 45m
Credit Hours: 2
Price: $39.90

Price: $39.90
Credit Hours: 2

Highlights & Learning Objectives

In this course, Vern discusses the current Tax Codes, cases and rules affecting partnership and LLC taxation.

Highlights of this Chapter:

· Examining what the IRS is looking for in the revised Form 1065.

· Electing to take three years to make the entity classification.

· Reviewing the shortened extension of time period for filing the partnership return.

· Limiting access of tax return information to other partners.

· Reminding ourselves about the new increased penalties for late filing of partnership returns, and how to get them waived.

· Discussing who has to file employment tax returns in a single member LLC.

· Analyzing how to make the §754 election, which is one of the top five malpractice issues.

· Emphasizing to our single-person LLCs that they may not have limited liability - this is scary.

· Glancing at how LLCs can make an S election.

· Reviewing the basics of establishing an LLC, including the check-the-box regulations.

· And closing with a discussion on when LLC members will be subject to self-employment tax.

Learning Objectives:

Upon successful completion of this course, you should be able to:

· Recognize key tax changes effective in 2009, affecting LLC and partnership taxation.

· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.

· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.

Prerequisites: A basic understanding of tax preparation.

Program Level: Update

Program Published to the Web: November 2009

No advance preparation required.

Course Objectives

Vern Hoven Tax Seminars’ programs are focused on maintaining and improving professional competence in individuals who deal with issues regarding tax compliance (tax return preparation and review and IRS examinations, ruling requests and protests) and tax planning (applying tax rules to prospective transactions and understanding the tax implications of unusual or complex transactions; as well as recognizing alternative tax treatments and advising clients on tax saving opportunities).

Courses are designed to update participants about relative changes in tax codes, laws, rulings, decisions, interpretations, and any other important alteration affecting taxation and professionals working within the field of taxation.

Program Prerequisites

In order to get the most out of Vern's Federal Tax Update courses, you should have a basic understanding of tax preparation.

Program Level & Field of Study

Vern's courses are all update courses tailored to the CPA, Enrolled Agent, tax lawyer or real estate professional who requires on-going education in the field of taxation. Update courses are geared toward participants with a background in the subject area who desire to keep abreast of current changes and developments within that subject area.

Advance Preparation

No advance preparation is required for any of the following courses. We simply recommend you save and/or print out the course manual to follow along with during the online course, and to use for future reference. In order to download, click "Course Manual" under Course Menu on the right side of your screen. When the document appears on your screen, go to File, then Save and/or Print. The manual is yours to keep! After saving or printing, simply close the screen to return to your "Course Overview" page.

Instructional Method

Our self-study program materials will be delivered to you via Vern's innovative online courses. We have created an online learning system for you that utilizes a “three-pane environment”: (1) streaming video in upper-left corner with (2) synchronized PowerPoint slides in upper-right corner, and (3) a web-browser pointing to the course manual and important websites in the bottom half of the screen. We believe that the versatility and usability of this “three-pane environment” offers a superior education platform, possibly even trumping the live education experience!

CPE Credit Hours

Credit Hours are based, in accordance with the National Association of State Boards of Accountancy's (NASBA's) Standards for Continuing Professional Education (CPE) Programs, on a 50-minute hour. Upon successful completion of the exam (70% or higher), you will be presented with a printable Certificate of Completion detailing the Course Name and earned Credit Hours.

Program Registration & Duration

Simply click the “Add to Cart” button following the course description and, once you complete the order form, you will be asked to create a username and password good for one year from the date of purchase. You can change your password at any time. You will have one year from date of purchase to review the course(s) you purchase, and take the final exam. Once you pass the exam, you will have completed the course.

Cost of Program

Course cost is $19.95 per CPE credit hour.

Accepted by All Boards of Accountancy

View the list of all Boards of Accountancy that will accept self-study CPE credits from NASBA’s QAS Sponsors
and National Registry of CPE Sponsors, or with which Vern Hoven Tax Seminars has directly registered.

Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy as a Quality Assurance Service (QAS) sponsor of continuing professional education. Participating state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org

Vern Hoven Tax Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org