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.

Highlights

• Disregarded entities (DE)s for income, employment, excise and transfer tax purposes
• Can an owner and DE have different methods of accounting? Oh really
• 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 and W-9s
• Spouses owning and operating LLCs
• Liabilities of SMLLCs as partners in partnerships for allocation of basis among partners
• Charitable contributions of land and SMLLCs to protect the charity
• 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 (long live Pierre!!)
• 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
• State vs. federal distinctions – Sales tax and other oh-so-lovely matters
• DE state law vs. federal law liability distinctions and intricacies   a/k/a Some states are better or worse than others

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

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 40 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

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.  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.

Host: Rick Telberg

• Founder and CEO CPA Trendlines, Bay Street Group
• Accounting Today Top 100
• CPA Practice Advisor Top 25

Host: Sandi Leyva

• Founder Accountant’s Accelerator, Leyva Learning LLC
• CPA Practice Advisor Top 25
• Most Powerful Women in Accounting