LLCs, Taxes and the IRS - What Could Possibly Go Wrong?
1 PM GMT
While a creature of state law, LLCs taxed as partnerships must also comply with the federal IRS rules for partnerships. After the BBA 2015 partnership tax audit changes, every existing LLC taxed as a partnership must review and update its operating agreement. Also, going forward, every LLC formed must include new language that complies with, and transitions to, the new law.
Specifically, every LLC taxed as a partnership must have a designated “tax matters partner” on page 3 of its IRS Form 1065 to be filed on March 15, 2017. Every LLC must also be prepared to transition to the new law which replaces the old “tax matters partner” with a new “partnership representative.”
After describing the problem, the panelists will offer a unique solution that offers LLC operating agreement forms to those who may be interested. To make it easy, form templates are available as a Word document. Why tackle this alone?
Professor Howard Abrams, University of San Diego School of Law, San Diego, CA
Fred Witt, Fred Witt PLC, Paradise Valley, AZ
PLEASE NOTE: To receive CLE credit, each individual attendee must be logged into the webinar interface for the ENTIRE program (including the Q&A). Partial credit is not available for this program. Please see the CLE Informaton page for more details.
FREE for Section of Taxation Members
$150 ABA Member*
$125 Young Lawyers
$125 Government / Academic / Non-Profit
$195 All other registrants
FREE Full-time J.D., LL.M., or M.T. Candidates (No CLE Credit/Webcast Only)
*ABA Member registrants will become Tax Section members for 2016-17.
Fee includes an mp3 audio recording that is available within one week following the program date.
Discounts Available for Group Registrations: Please e-mail Thomas Blandi (firstname.lastname@example.org) for more information.
Law Student registrants, who are current nonmembers, will also receive complimentary membership to the ABA and the Section of Taxation.