Jul. 30 - Partnership/LLC Tax Issues & Update
This course will bring you up-to-date on the important tax issues affecting your clients operating as partnerships and limited liability companies. Partnership and LLC taxation can be complicated. Congress, by enacting stiffer tax return preparer penalty rules has said, in essence, that you must be a knowledgeable tax preparer of these returns. Your instructor will address the important tax issues of contributed property and maintaining capital accounts; special allocations and substantial economic effect; the importance of the qualified income offset to members of LLCs; the tax definition of recourse and non-recourse debt, and how it is allocated and reported on the K-1; what you must know about how the at-risk rules apply to LLCs; whether your LLC is a tax shelter; the importance of the Texas LLC statute; and much more! While there are no prerequisites, parts of the course will seem basic, intermediate, or advanced, depending on your familiarity in the area. As a participant, you will receive an excellent resource, Practical Guide to Partnerships and LLCs, a 517-page fourth edition textbook published by CCH, Inc. The textbook is comprehensive, clearly written and provides practical guidance on this complex subject. Your instructor says this is his "go to" book on partnership/LLC tax issues and, by itself, is worth the price of admission.

Course Overview
The course is designed for practitioners who need to understand partnership/LLC taxation. Topics to be covered will be selected from the following:
* Classification of Entity as a Partnership or LLC
* Texas LLC Statute and the Company Agreement
* Formation & Operation of the Partnership/LLC
* Receipt of a Partnership/LLC Interest for Services
* Allocation of Partnership/LLC Tax Items
* Owners Share of Partnership/LLC Debt
* Loss Limitation Rules
* Transactions between an Owner and Partnership/LLC
* Disposition of a Partnership/LLC Interest
* Distributions from Partnership/LLC to Owners

Learning Objectives:
*To review the tax rules affecting the formation and operation of a partnership and limited liability company.
*To update the tax practitioner on recent developments in federal income taxation of these entities.
*To recognize planning opportunities due to changes in federal income tax law.
*To prepare the tax practitioner for discussions with clients on important issues in this area of tax law.
*To help the tax practitioner understand their reporting responsibilities.

Prerequisites: No advanced preparation is necessary. Some basic knowledge of partnership taxation and some tax preparation experience would be helpful.


Aug. 02 - Business & Industry Committee Meeting
Noon. CPA Center.

Aug. 03 - Financial Literacy Jr. Duel Subcommittee Meeting
Noon. CPA Center.

Aug. 05 - CPAs & Lawyers: A Love Affair that Can Be Taxing (Part 2)
Accountants as Fact Witnesses – Your Duties, Rights & Other Rules
of the “Lawyer Game” in the Divorce Arena.

Learning Objective:
Providing Guidance to Help the CPA Navigate in the Role of Fact
Witness within the Realm of Family Law.

Part two will cover:
“But I Don’t Want to be a Witness!” – Damage Control Outside the Courtroom
* Relationships with Your Clients
* The Properly Filed Tax Return
* Keeping Neutral In Regards to Property Characterization
* Obligations to Both Clients
* Process of Gathering Evidence
* Response to Records Request
* Records Scrutiny & Exposure
* Tax Compliance Issues

Aug. 12 - SACPAS 12th Annual Continuing Education Symposium 2010 - Day 1 Only (With Binders)


Aug. 12 - SACPAS 12th Annual Continuing Education Symposium 2010 (With Binders)


Aug. 12 - SACPAS 12th Annual Continuing Education Symposium 2010


Aug. 12 - SACPAS 12th Annual Continuing Education Symposium 2010 (Day 1 Only)


Aug. 13 - SACPAS 12th Annual Continuing Education Symposium 2010 - Day 2 Only (With Binders)


Aug. 13 - SACPAS 12th Annual Continuing Education Symposium 2010 (Day 2 Only)