LLC Classifications & Elections

Limited Liability Company (LLC)’s, while a more flexible entity than corporations for legal requirements, can be quite complex for tax purposes. As your LLC clients’ business operations and classifications change, you need to make sure that you’re able to advise them through this transition while preparing their tax returns. 

In this webinar, we will walk through the process of changing an LLC from a multiple- to a single-member LLC. The IRS treats single-member LLCs as sole proprietorships or corporations and does not classify them as partnership firms. There are also different tax forms necessary to file, such as Form 8823 (Entity Classification Election) and agreements from existing members, when transitioning from a multiple- to single-member LLC. 

If you have LLC clients, this is a key webinar for you! Learn the different classifications an LLC can fall under for income tax filings and how to file the various elections that can be associated with an LLC.

• Introduction to LLC for income tax purposes.
• What are Default Classifications & which entities will be taxed as partnerships?
• To understand Tax election – Form 8832 & Form 2553
• Determine the tax consequences of partnership contributions and distributions.
• Select the proper method for allocating items of partnership income, gain, loss, deduction, and credit.

This webinar on Taxes covers the following MAJOR TOPICS:

• Classification of entities as partnerships
• Key differences between general partnerships, LPs, LLPs, and LLCs
• Partnerships: Formation, operations, liabilities, and allocation of income and loss Distributions
• Sale or exchange of partnership interests

• CPA
• CTECs
• Tax Professionals
• Tax Directors
• Tax Practitioners
• Tax Preparer
• Tax Managers
• Staff of Accounting Firm
• Tax Attorneys desiring to explore limited liability company