Disregarded Entities: Now You Don't See Them, Now You Do (4 hours - afternoon)

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Oct 18, 2019

Registration: 12:15 PM / Program: 12:45 PM - 4:30 PM

Fees

Member Fee: $195.00
Nonmember Fee: $245.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -97.00

Description

What is a disregarded entity (DE)? It is a business entity that is generally disregarded from its owner for federal income tax purposes, but not disregarded for (some or all) other purposes. If an entity is "disregarded" for federal income tax purposes, it may be "regarded" for other federal tax and state law purposes. Yes, indeed, a plethora of exceptions to being "disregarded" exist. This unexpected, eye opening course capably explores and drills into what the tax planner, tax preparer, and taxpayer must know about the disregarded entity rules and exceptions to them.

Designed For

CPAs, professionals in industry, tax planners, and taxpayers desiring to maximize the asset protection features and minimize the tax disadvantages of business entity structure.

Objectives

  • To learn how to analyze and detect when an entity is disregarded and when it is regarded  
  • To take advantage of the differences between the same entity being regarded in some contexts and disregarded in others for maximum asset protection and tax savings

Major Subjects

  • Disregarded entities (DE)s for income, employment, excise, and transfer tax purposes                                         
  • Can an owner and DE have different methods of accounting?                                                         
  • Asset protection benefits, pitfalls, and tax advantages                                                                                             
  • When a DE must get a separate EIN from its owner                                                                                                    
  • Tax reporting (K-1s, 1099s, etc.) IRS matching, W-9s, and backup withholding                                                    
  • Spouses owning and operating LLCs                                                                                                                          
  • Devastating employment tax liability exposure                                                                                                          
  • Like kind exchanges and disregarded entities                                                                                                           
  • LLC (partnership), SMLLC (single member LLC), grantor trust, and QSub compared                                               
  • LLCs, transfer (estate and gift) taxes and valuation (                                                                   
  • Nooks and crannies in the check-the-box regs and rules - Why you can't afford not to care                                           
  • Tax effects of sale or liquidation of DEs                                                                                                                       
  • DE state law vs. federal law distinctions and intricacies – aka some states are better than others


Leaders

Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses. Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch hit teaching the IRS practice and procedure topic. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences. Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte’ is the candid communication of practical ideas relating to tax law.