Video

  • 11 minutes

Identify Errors and Implications in the K-1

 
It is crucial to Identify K-1 errors and to understand the implications of those errors. It’s also important to review agreements - partnership/operating – and amendments. Preparers need to make sure that they are passing along the errors to legal counsel. State laws can vary from federal laws and you need to make sure all of your bases are covered.

In this 10-minute video our speaker, T. Scott Tufts, Esq., discusses that while some are waiting for reform for tax laws – it has actually already happened with the Bipartisan Budget Act of 2015. This replaces a new set of audit rules that could cause serious issues that could cause headaches for many. TEFRA is now repealed and the repealed provisions are replaced with new sections 6221 through sections 6241 of the code.

T. Scott Tufts, Esq. is the founder and executive manager of Tufts Law Firm, PLLC. His practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates. Mr. Tufts practice area also includes the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s).
Runtime: 10 minutes

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.