Form 1065 K-1s: IRS Throws Rocks at Hornets’ Nest (Completed)

Date: Monday, October 25, 2021
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 Forms 1065, Schedules K-1 and in related instructions, IRS has launched massive new reporting requirements re: negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains and many more. Chaos has resulted and IRS has backed off some, but massive new disclosures remain.

In this action packed webinar, you’ll learn:

1. How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
2. Negative tax basis capital account reporting – What must be computed and disclosed (and by when)
3. Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)

Who Should Attend
Return preparers, tax planners and taxpayers desiring to keep up with IRS’s Form 1065 Schedule K-1 reporting requirements.

Topics Covered

  • Form 1065 and K-1 — New reporting requirements in depth
  • Disregarded entity partners — Disclosures, depth of implications
  • 3 year average annual gross receipts test — 4 places it matters
  • Negative capital accounts — Switch to tax basis reporting
  • Basis in partner's partnership interest — New inquiries, new treacheries
  • Disguised sales — New question as to partner disclosure
  • §704(c) Built-in gains and loss — Much new "as-you-go" info required
  • Aggregation of at-risk activities — Disclosures with sticky implications
  • Grouping of passive activities — Disclosure and detail required
  • Miscellaneous — Moving target reporting for §199A, capital accounts, §754 elections with §743(b) adjustments, sales of partnership interests, partnerships with foreign partners, tiered partnership debt disclosure issues, and so on

Learning Objectives

  • Recognize the the reporting demands of Form 1065 Schedule K-1

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None

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