Update on Pass-Through Entities After Tax Reform: S Corporations, Partnerships, and Limited Liability Companies (PTTR)

Michael J. Tucker, CPA, LL.M.
  • 3
  • Update
  • Taxes
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Individual course: $89
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Overview

Most business entity selections continue to favor pass-through entities over C corporations.  Of the pass-through entities, the IRS reports that S corporations continue to be favored over partnerships. Following the Tax Cuts and Jobs Act, tax practitioners should understand how pass-through entities interact with important developments such as the limitation on the interest deduction, the new $250,000/$500,000 loss limitation, and the Section 199A deduction. This program will discuss these tax reform developments and major issues relating to pass-through entities, such as basis, distributions and liquidations.

Major Topics:

  • Pass-through entities and the Section 199A deduction
  • The four loss limitations that apply to owners of pass-through entities
  • How pass-through entities are impacted by the Section 163(j) interest limitation
  • When an S corporation should convert to a C corporation
  • Section 754 elections in a Tax Cuts and Jobs Act environment
  • Taxation of pass-through entity distributions to shareholders, partners and members
  • Choice of entity considerations after the Tax Cuts and Jobs Act

Learning Objectives

  • Advise clients regarding choice of entity options after the Tax Cuts and Jobs Act
  • Recognize the impact of the new Section 199A deduction and the limitation on interest and losses on pass-through entities

Tax practitioners who anticipate advising clients regarding choice of entity issues

A basic understanding of the tax rules relating to individual income tax

None

Yes

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