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Tax Strategies for Partnerships Part 3: Allocations, Partnership Audit Rules, and Self-Employment, by Wolters Kluwer

Tax Strategies for Partnerships Part 3: Allocations, Partnership Audit Rules, and Self-Employment is brought to you by Wolters Kluwer

Join expert Greg White, CPA, as he takes a deep dive into partnership allocations of income and loss (including planning strategies) and the special considerations when LLCs are involved. We’ll also cover the new partnership audit rules – how to avoid them, when you can’t, and how to minimize the damage. Finally, we’ll cover the basics of self-employment taxes in the partnership context.

Publication Date: May 2022

Topics Covered

  • Partnership allocations of income and loss (including planning strategies) and the special considerations when LLCs are involved
  • New partnership audit rules — how to avoid them, and when you can’t, how to minimize the damage.
  • Basics of self-employment taxes in the partnership context

Learning Objectives

  • Recognize the mechanics and strategies of allocations of income and loss in the partnership context
  • Identify which partnerships can elect out of the new partnership audit rules and how to minimize damage if the partnership can’t elect out
  • Identify the approximate percentage of partnerships that are involved in real estate or leasing
  • Identify the number of ways that partnerships can avoid CPAR
  • Identify the preferred method (i.e., the first choice) for avoiding CPAR
  • Identify the imputed underpayment percent for individuals
  • Recognize which factors are considered when dealing with partner’s interest in the partnership
  • Describe correct statements with respect to self-employment tax and other considerations

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