Form 1065 K-1s: IRS Throws Rocks at Hornets’ Nest (Completed)
Date: Tuesday, February 11, 2025
Instructor: Bradley Burnett
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
|
On IRS 2024 Forms 1065, Schedules K-1 and Instructions, IRS continues to ask for tons of detailed information and they’ve recently changed up the way they ask for it. We’ll dig into what exactly IRS is asking for and how best to answer their questions.
Who Should Attend
Anyone desiring to learn current IRS requirements for completing Schedule K-1 of Form 1065
Topics Covered
- Capital accounts – Tax basis reporting tweaked again
- 2024 Form 1065 Schedule K-1 – Reporting requirements
- Disregarded entity partners – Disclosures, depth of implications
- 3 year average annual gross receipts test – 5 places it matters
- Basis in partner’s partnership interest – Timing, timing, timing, timing
- Disguised sales – Form 1065 question re: partner disclosure
- §704(c) Built-in gains and loss – New “as-you-go” info required
- Aggregation of at-risk activities – Disclosures with sticky implications
- Grouping of passive activities – Disclosure and detail required
- Changes to forms highlighted
Learning Objectives
- Learn about Tweaked (once again) tax basis capital account reporting – What must be computed and disclosed (and by when)
- Learn about the plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
