Form 1065 K-1s: IRS Throws Rocks at Hornets’ Nest (Completed)
Date: Wednesday, November 25, 2020
Instructor: Bradley Burnett
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
On recent IRS Forms 1065, Schedules K-1 and in related instructions, IRS is launching massive new reporting requirements re: negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains, disregarded entities and many more. Chaos has resulted. IRS has backed off some, but massive new disclosures remain. We can’t wait to be a deer in the headlights preparing Form 1065 and Schedules K-1.
Who Should Attend
Return preparers, tax planners and taxpayers desiring to keep up with federal partnership income tax reporting.
Topics Covered
- Negative tax basis capital account reporting — What must be computed and disclosed (and by when) — How IRS keeps moving the target
- How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
- Plethora of other new info required re: built-in gains lying in wait
- Consequence laden all new reporting re: disregarded entity partners
- New disguised sale reporting
- New disclosures re: liabilities of partner
- Stunning penalties for failure to wholly and accurately complete K-1
Learning Objectives
- Recognize the substantive law depth behind and consequences of new partnership and related K-1 disclosures
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
