About the Course
Introduction
This webinar will provide an in-depth, practical comparison of partnerships and S corporations for federal income tax purposes, examining how the two entity types differ from formation through ongoing operations and ultimately to distributions and exit transactions. Our panel of experienced practitioners will walk through the technical rules, planning opportunities, and common traps associated with entity selection and its tax implications.
Description
Entity choice remains one of the most consequential tax decisions for closely held businesses, real estate ventures, and professional service firms. While partnerships offer flexibility in allocations, distributions, and capital structuring, S corporations provide payroll tax efficiencies and simpler operating mechanics. Formation considerations, including contributions of cash, property, and liabilities, as well as eligibility limitations, affect the choice of entity and the initial tax basis.
Operational tax treatment, including income allocations, guaranteed payments versus reasonable compensation, fringe benefit limitations, and the interaction of losses with basis, at risk, and passive activity rules under §465 and §469 varies significantly depending on whether the entity is a partnership or S corporation, as does the tax treatment of distributions and exits, where these differences are perhaps most pronounced.
Listen as our panel of seasoned CPAs discusses how to analyze the tax consequences of partnership and S corporation structures, including key considerations from formation through exit strategies.
Presented By
Mr. Alfonsi brings over 40 years of experience in tax and advisory services, focusing his practice on business valuation, economic damages, and tax planning and consulting for pass-through entities. He is a recognized financial expert in federal and various state circuit courts across the country. In his spare time, Mr. Alfonsi is an adjunct professor at his Alma Mater, teaching master’s degree courses in taxation and valuation.
Mr. McGrail is a Managing Director with Cendrowski Corporate Advisors and one of the firm’s senior tax and legal technicians. Throughout his 40-year career, Mr. McGrail has developed, managed, and reported a variety of tax efficient strategies for family-owned and publicly held LLCs, partnerships, and corporations, as well as high net worth individuals and their estates. He specializes in assisting cannabis businesses and dispensaries navigate the complexities of the industry, especially when it comes to taxes, compliance, and accounting. Mr. McGrail also helps cannabis businesses better understand and work within the rules and regulations set forth by the IRS and other government agencies.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Date + Time
- event
Tuesday, July 7, 2026
- schedule
1:00 PM ET/10:00 AM PT
I. Partnerships vs. S corporations: introduction
II. Eligibility considerations
III. Formation and contribution rules
IV. Taxation of operations
V. Loss utilization
VI. Distributions and liquidity
VII. Ownership changes and terminations
The panel will cover these and other critical issues:
- Key formation rules and planning considerations for partnerships and S corporations
- Initial and ongoing basis calculations, including debt basis differences
- Allocation flexibility in partnerships vs. pro rata rules for S corporations
- Guaranteed payments vs. reasonable compensation
- Loss utilization limits under basis, at‑risk, and passive activity rules
Learning Objectives
After attending this webinar, participants will be able to:
- Determine the federal tax treatment of partnerships and S corporations across the entity lifecycle
- Identify planning opportunities and risks tied to basis, distributions, and exit transactions
- Ascertain key differences in payments to owners of partnerships and S corporations
- Decide the tax consequences of liquidations for partnerships and S corporations
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite:
Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations, and their respective partners and shareholders.
BARBRI, 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
Related Courses
Partnerships vs. S Corporations: A Federal Tax Comparison From Formation to Exit
Tuesday, July 7, 2026
1:00 PM ET/10:00 AM PT
