Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
On all-new Forms 1065, Schedules K-1 and in related instructions, the IRS is launching massive new reporting requirements re: allocation of liabilities among partners, §754 elections, negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains and many more. In this course, we’ll tackle these new disclosures and what’s behind them.
Publication Date: January 2024
Designed For
Return preparers, tax planners and taxpayers desiring to keep up with IRS’s Form 1065 Schedule K-1 reporting requirements.
Topics Covered
- 2023 Form 1065 and K-1
- Consequences of Improper or Partial Completion of Form 1065 or Schedule K-1
- Disregarded Entities
- 3 Year Average Annual - Gros Receipts Test
- Small Business Exemption
- Partnership Income Tax Law
- Capital Accounts
- Negative Capital Account Reporting
- Tax Capital Account Reporting
- IRS 2023-2024 Priority Guidance Plan Partnerships
- Disguised Sales
- Built-In Gain or Loss
- Partnership Returns - Schedule K-1 re: Foreign Tax Paid (or Accrued)
- Loss Limitation - Hurdles
- 2023 Form 1065
- At-Risk Activities
Learning Objectives
- Describe negative tax basis capital account reporting — What must be computed and disclosed (and by when)
- Describe a plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)
- Identify the type of reporting that indicates possible disallowance of loss deduction for a partner if they run out of basis
- Identify the basic computation for a partner’s capital account
- Identify the method used to compute (maintain) the ongoing tax basis capital account
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
Instructor
Bradley Burnett
Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.