You have a client who has come to you, complaining that a K-1 that he or she has received is wrong, and needs to be fixed. What do you do? What might come as a surprise to many practitioners is the many facets of the problems that can arise out of the receipt of a bad Schedule K-1 issued in relationship to a Federal partnership tax return (IRS Form 1065). As we shall see in this whitepaper, the next move your client chooses to make may be as important as any other.
Agenda
SOME POSSIBLE, INITIAL REACTIONS TO THE “BAD” K-1 WHY DOING NOTHING IS NEVER AN OPTION FOR THE RECIPIENT OF A “BAD” K-1 RECIPIENTS OF “BAD” K-1s MUST KNOW TEFRA EVALUATING UNIDENTIFIED PARTNER STATUS PRACTICAL GUIDE FOR UNIDENTIFIED PARTNER SITUATIONS
Faculty
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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