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 TEFRA is now repealed and the repealed provisions are replaced with new sections 6221 through sections 6241 of the code.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

Agenda

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior Tax Counsel, CPLS, P.A. (d/b/a Private Corporate Counsel)
  • Practice focuses on complex business, estate and trust and tax litigation
  • Special emphasis on IRS forms that often lead to litigation
  • Over 30 years of representation of taxpayers before the IRS and in litigating tax issues in the various courts
  • Over 30 years of working with closely held partnership and other pass-through issues and impacts of the Schedule K-1
  • Frequent speaker and host of Tufts on Tax podcast, discussing topics such as cryptocurrencies, corporate transparency, K-1s and IRS Form 8082, Form 1099-NEC, Form W-9, Form SS-8, as well as case law developments of interest
  • Member of the Florida Bar; licensed in the states of Florida and North Carolina, and admitted to practice in various Federal courts, inclusive of the United States Tax Court and the Court of Federal Claims
  • Board Certified in Tax Law, Florida Bar
  • LL.M. degree in taxation, University of Miami School of Law; J.D. Degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
  • Can be contacted at [email protected] or (407-647-7887)

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