LLC Classifications & Elections
Speaker: Nicholas Preusch
Speaker Designation: Tax Manager at YHB CPAs
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Speaker: Nicholas Preusch
Speaker Designation: Tax Manager at YHB CPAs
Limited Liability Company (LLC)’s, while a more flexible entity than corporations for legal requirements, can be quite complex for tax purposes. As your LLC clients’ business operations and classifications change, you need to make sure that you’re able to advise them through this transition while preparing their tax returns.
In this webinar, we will walk through the process of changing an LLC from a multiple- to a single-member LLC. The IRS treats single-member LLCs as sole proprietorships or corporations and does not classify them as partnership firms. There are also different tax forms necessary to file, such as Form 8823 (Entity Classification Election) and agreements from existing members, when transitioning from a multiple- to single-member LLC.
If you have LLC clients, this is a key webinar for you! Learn the different classifications an LLC can fall under for income tax filings and how to file the various elections that can be associated with an LLC.
This webinar on Taxes covers the following MAJOR TOPICS:
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).