Video

  • 31 minutes

Mastering the Four Corners of the K-1

 

Review what is in the K-1.

Spot the changes made on recent K-1s to see what the IRS is looking for. Our speaker, T. Scott Tufts, will review what is new with the Schedule K-1 including Items E & F that will contain the TIN of the beneficial owner if the partner is a disregarded entity and the name and address of that beneficial owner, respectively; Item H2 – which indicates if a partner is a DRE partner, guaranteed payments now broken down into 4a (payments for services); 4b (payments for capital), 4c (total), and codes for boxes 11 and 16 (GILTI). This video reviews these changes and also discusses what the instructions say about filling out the K-1.

Runtime: 30 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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