Tax Staff Essentials Level 4 - Tax Manager/Director

Overview

Experienced tax professionals explore advanced concepts to help expand the tax services they provide.

Highlights

Key Topics

• Adjustments to the basis of partnership or LLC assets
• Sale of an interest in a partnership or LLC
• Basis in S corporation stock
• Qualified subchapter S subsidiaries
• Foreign tax credit
• Anti-deferral regimes
• Accounting methods
• The tax life of a business
• SECURE 1.0 and SECURE 2.0

Prerequisites

5 years of experience in U.S. federal income taxation

Designed For

Who Will Benefit

Tax managers and directors who have a background in taxation

Objectives

Learning Outcomes

• Calculate what a partner will receive in complete liquidation of their partnership interest under Section 704(b) regulations.
• Identify the potential economic consequences of special allocations to a partner or LLC member.
• Apply rules related to an S corporation's earnings and profits.
• Evaluate the rules concerning fringe benefits received by and expenses incurred by S corporation shareholder-employees.
• Identify the U.S. taxation of fixed, determinable, annual, or periodical income of foreign persons.
• Identify the U.S. taxation of effectively connected income of foreign persons.
• Identify important tax considerations for the small business at each stage of its life.
• Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.