Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also 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. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
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.
- 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
Course Level - Basic
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.