There are many CPAs who get involved with estate planning for clients who have interests in one or more limited liability companies (LLCs). This article discusses many of the things that CPAs should know when they get involved with helping clients who have LLCs. It explains some of the real-world problems that often come up with LLC operating agreements. Oftentimes there are mistakes with the titling of assets, which can be bad news for clients who have creditor rights problems. This article also goes into discussing the new IRS disclosure rules as they relate to Form 8971 and when it must be filed with the IRS. CPAs need to be aware of this information and how it will impact their practice. Staying informed about the new regulations will help CPAs better protect their client’s interests and avoid getting in trouble.
See Seymour Goldberg, What CPAs Should Know about Pass-Through Entities and IRS Form 8971, Accounting Today, April 15, 2016.
Special thanks to Seymour Goldberg (Goldberg & Goldberg, P.C.) for bringing this article to my attention.
