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ACPEN Signature 2023: Partnership & LLCs Tax Update

Total Credits: 8 including 8 Taxes - Technical

Average Rating:
ACPEN Signature |  Tax |  IRS Approved
C. Clinton Davis, CPA, JD |  James A. Smith, CPA, CGMA |  Mark George, CPA, ABV |  Joel N. Crouch, JD |  William H. (Bill) Wilson
Course Levels:
8 Hours



LLCs and partnerships continue to present some of the greatest challenges for return preparers and advisors:

This program will address:

  • Recent developments regarding the unified partnership audit rules;
  • An SE tax update for LLCs and partnerships and the correct and incorrect use of blocker entities;
  • Disregarded entity rules and transactions;
  • Waterfall and safe harbor allocation examples;
  • Required allocations under Section 704(c);
  • When is a loss actually deductible?
  • Identifying various types of partnership debt properly for basis purposes;
  • The 754 election;
  • Reporting LLC and partnership interests on gift and estate tax returns and valuation of closely held businesses and minority interests.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to

Basic Course Information

Learning Objectives
  • Learn to prepare for an LLC or partnership audit and the elections available.
  • Learn to avoid allocation and basis calculation errors.
  • Identify disregarded entities for income tax purposes and how those are treated differently under other taxes.
  • Learn how partnerships and LLCs are addressed in estate and gift tax reporting rules.

Major Subjects
  • IRS audits
  • Allocations and Basis
  • Proper reporting
  • Valuation of closely held business interests

Course Materials


C. Clinton Davis, CPA, JD's Profile

C. Clinton Davis, CPA, JD Related Seminars and Products

Krage & Janvey, L.L.P.

C. Clinton Davis JR, is with the law firm of Krage & Janvey, LLP in downtown Dallas.  He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting.  He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.  He has been a licensed CPA in Texas since 1980.  He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988.  He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. 

Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.

Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.


James A. Smith, CPA, CGMA's Profile

James A. Smith, CPA, CGMA Related Seminars and Products

Managing Director

Smith, Jackson, Boyer & Bovard, PLLC

James A. (Jim) Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas Certified Public Accounting firm.  He practices extensively in tax compliance, planning and controversy representation for individuals and entrepreneurial businesses. He also is engaged in the preparation, compilation and review of financial statements; exit strategy planning for entrepreneurs; merger and acquisition planning and transactions; and forensic accounting and litigation services. 

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Professional Standards and Federal Tax Policy Committees since their inception.  He served as a member of the AICPA Council 2007 through 2011 and from 2012 through 2015.  He also served as an appointed member of two of the AICPA’s key standard setting committees:  the Accounting and Review Services Committee from 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2017.

Mark George, CPA, ABV's Profile

Mark George, CPA, ABV Related Seminars and Products

George Valuation Advisors

Mark George, CPA, ABV is Managing Director of George Valuation Advisors, a Dallas- based business valuation and financial consulting firm. For over 30 years, Mark George has been focused exclusively on the valuation of businesses, partnership interests, and intangible assets. He has completed hundreds of business appraisals in a wide variety of industries. His valuation opinions have provided the basis for gift and estate tax computations, employee stock ownership plans, acquisitions and divestitures, purchase price allocations including intangible asset valuations, derivative securities prices, restricted stock, and testifying in litigation support.

Joel N. Crouch, JD's Profile

Joel N. Crouch, JD Related Seminars and Products

Joel N. Crouch, JD, counsels and advises businesses, wealthy individuals and families about their most demanding tax planning, estate planning and IRS controversies.  He often works with tax professionals and financial specialists to help develop solutions for their clients. Joel is a Partner in the firm and is Board Certified in Tax Law by the Texas Board of Legal Specialization. Joel has been recognized as one of the best in his field by Texas Monthly and Law and Politics magazines by being named a Texas Super Lawyer from 2003 through 2023. He has also been named one of the Best Lawyers in Dallas by D Magazine for the years 2012-2023. Mr. Crouch has been recognized by Best Lawyers in America® in Tax Law for the years 2015-2023.  Mr. Crouch was named the Best Lawyers 2022® Tax Law & Lawyer of the Year & in Dallas/Ft. Worth. Joel is a frequent speaker on procedural and substantive tax issues for legal and accounting professionals.  Some of his topics include: Tax Shelter Defense, IRS Examinations, Appeals, Litigation and Collection Strategies, IRS Criminal Investigations, IRS Offshore Activities, IRS Focus on Tax Professionals, Employment Classification, IRS Penalties, and Litigation Partnership Tax Cases.  He has also published various articles regarding the IRS and tax procedures.

William H. (Bill) Wilson's Profile

William H. (Bill) Wilson Related Seminars and Products

William H. “Bill” Wilson, CPA is a director in Whitley-Penn, LLP’s tax and consultingpractice, where he focuses on passthrough entity and tax controversy matters. Bill previously spent 37 years with the IRS before retiring as a manager in the Passthrough Entities Practice Group. At the IRS, Bill led the teams involved in the implementation of the tax basis capital account requirement for Form 1065 and the BBA partnership audit procedures.

Bill has taught partnership taxation at the graduate level and is a frequent speaker on partnership tax issues. Bill has an accounting degree from George Mason University and a Master of Taxation degree from Virginia Commonwealth University. He is active in the Texas Society of CPAs and the Petroleum Accountants Society of Dallas.

Additional Info

Basic Course Information



Advanced Preparation


Designed For Public Practitioners, Industry CPAs, and EAs
Original Recording Date 11/15/2023
Yellow Book No
Course Developer Business Professionals' Network (ACPEN)
Date Added to Catalog 03/01/2023

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints.

Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Instructional Delivery Method

Group Internet Based

Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Course Registration Requirements

Online Registration



Overall:      4.7

Total Reviews: 31


Ruth M


David N - Charlotte, North Carolina

"Enjoyed class. Speakers' experience with real life examples of the subjects helped with the learning."

Daniel K

" "

Will S

"Great presentation!"