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

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