LLC Classifications
This webinar will go in depth about everything you ever wanted to know about LLC classifications. We will first look at what being an LLC means and how the entity will file their tax returns. We will look at both foreign and domestic entities and how the check the box rules will vary based on if it is foreign or domestic. Lastly, we will look at the tax consequences of changing entity classifications.Areas Covered Default classifications for domestic LLCsDefault classifications for foreign LLCsHow the check the box rules impact more complex tax structuringPlanning around LLC classificationsDetermining the proper filing status for LLC’sWho Should Attend CPA, EA, Attorneys, Tax PreparersWhy Should You Attend This presentation will look at the basics of LLC classifications. By looking at the basics and grasping these concepts, we will apply them to more complex situations. Failure to file the proper returns can lead to large IRS penalties, so determining what the proper filing status is is paramount to avoiding such penalties. In addition, since it’s a concept of tax law, these penalties will usually fall on the practitioner to compensate the client for, so properly understanding these is important to protect practitioner revenue.
Single
This webinar will go in depth about everything you ever wanted to know about LLC classifications. We will first look at what being an LLC means and how the entity will file their tax returns. We will look at both foreign and domestic entities and how the check the box rules will vary based on if it is foreign or domestic. Lastly, we will look at the tax consequences of changing entity classifications.
Areas Covered
- Default classifications for domestic LLCs
- Default classifications for foreign LLCs
- How the check the box rules impact more complex tax structuring
- Planning around LLC classifications
- Determining the proper filing status for LLC’s
Who Should Attend
CPA, EA, Attorneys, Tax Preparers
Why Should You Attend
This presentation will look at the basics of LLC classifications. By looking at the basics and grasping these concepts, we will apply them to more complex situations. Failure to file the proper returns can lead to large IRS penalties, so determining what the proper filing status is is paramount to avoiding such penalties. In addition, since it’s a concept of tax law, these penalties will usually fall on the practitioner to compensate the client for, so properly understanding these is important to protect practitioner revenue.