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Pass-Through Entities Tax Risks

OnDemand Webinar (92 minutes)

Understand the benefits and complexities of electing to be taxed as a partnership.Navigate through the evolving tax treatment of pass-through entities and understand its basic principles, issues that arise when working with entities taxed as partnerships, and considerations for when to use a pass-through entity. This topic will help you understand the complexities of partnership taxation created by the duality of the partnership's existence as a separate entity and as a pass-through, including the framework of the Code §199A qualified business income deduction. Electing to be taxed as a partnership offers substantial benefits for your clients that can both simplify and add complexity depending on the situation. This information will introduce you to Subchapter K and discuss planning strategies, cautions, and the gray areas.

Authors

Cullen I. Boggus, Holton & Mayberry, P.C. Ryan J. Wautlet, Holton & Mayberry, P.C.

Agenda

What Is a Pass-Through Entity?

• Taxation of Corporations

• Taxation of Pass-Throughs

- Check-the-Box Rules

- Tax Rates

- Form 1065 and K-1s

Issues That Arise With Pass-Throughs

• Capital Retention

- Phantom Income

- Reinvesting Profit

• Accounting Rules

- Accounting Method Restrictions

- Taxable Year Restrictions

- Partners' Estimated Tax Payments

• Allocation of Income and Deductions

- Generally

- Section 704(e) and Agreed Allocations

- Contributed Property

• Loss Limitations

- Passive Loss Limitations

- At-Risk Rules

- Excess Business Loss Rules

• 199A

- Overview

- Understanding Key Terms

- Applicability

- Limitations

Planning Considerations

• Pros and Cons of Pass-Throughs

• When to Use the Pass-Through Structure