Video

  • 38 minutes

What Is in the K-1 - Part I, II and III

 
Filling out the K-1 starts out pretty simple. You need to fill in the identifying information of the partnership, the partnership ID number, where the partnership return was filed, whether or not the partnership is publicly traded, etc. In this 37-minute video our speaker, Carolyn Turnbull, CPA, MST, CGMA, reviews the three parts of the K-1. Part I - Publicly Traded Partnerships, also called MLP (master limited partnerships). This is not a great investment for retirement (e.g., IRAs) because single layer of tax still creates flow‐through phantom income issues. Self‐directed IRAs in particular create significant compliance issues. Part II is for information about the partner. Don’t underestimate the importance of this section! Watch out for self-directed IRAs (SDIRA) that can raise prohibited transaction issues (IRC § 4975). Part III is for the partner’s share of current year income, deductions, credits, and other items.

Carolyn Turnbull, CPA, MST, CGMA is a tax director and director of international tax services with Vestal & Wiler CPAs, in Orlando, Florida. She has more than 30 years of diverse experience dealing with complex individual, trust, partnership and corporate tax issues, including family limited partnerships, consolidated returns, multistate apportionment and allocation computations, state income and composite tax returns, state and federal tax credits, state and local sales, use and property tax issues, international tax issues, mergers and acquisitions, and estate and gift taxes.
Runtime: 37 minutes

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

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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