Eliminate errors and gain a better understanding of the K-1.
Many people know that a Schedule K-1 exists for limited partnerships and LLCs which are treated under the Federal tax law as a pass-through partnership. However, far fewer people understand how every part of the Schedule K-1, the 'four corners' of the form, contain 'partnership items' that are of importance when it comes to any IRS audit. Over the years, the Schedule K-1 has undergone important changes that highlight different issues of importance to the IRS. Understanding that history, those changes, informs those who are tasked with filling out or interpreting Schedule K-1s. Far too often, a Schedule K-1 is viewed as definitive on a legal or tax issue, when, in fact, it is just a starting point. What to do when the Schedule K-1 is in error, and the steps that need to be taken to try and fix the Schedule K-1, before filing IRS Form 8082 (Notice of Inconsistent Treatment) is critical, as is knowing the underlying baseline partnership or operating agreement and/or the partners' understanding. Practitioners must also know about BBA Partnerships, and whether one is able to opt out of the BBA Partnership audit rules, and the implications of those rules. One also must know how the Schedule K-1 interacts with other schedules, like Schedule K-2 and Schedule K-3 and uses 'codes' to assist the end user when receiving the Schedule K-1. Trying to master the 4 corners of the Schedule K-1 is easier said than done. That being said, in this presentation, we look to review best practices aimed at error identification and resolution. We will also review the latest developments impacting Schedule K-1 preparation and analysis.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction and Latest Developments- Schedule K-1
- Introduction: The 2023 and 2024 Schedule K-1S
- Summary of Changes in the World of Schedule K-1S
- Schedule K-2 and Schedule K-3
- IRS Form 8082- Notice of Inconsistent Treatment
- Repeal of TEFRA/BBA Partnerships- Can You OPT out?
- Latest Developments
Best Practices and Error Identification
- Best Practices Approach
- What Is Baseline Agreement and Understanding
- Knowing What the IRS Is Looking for
- Identifying Errors on the Schedule K-1
- Why Doing Nothing Is Never an Option- Form 8082
Mastering the 4 Corners of the K-1
- Identifying What's New on the K-1S
- Knowing What the Instructions Say and Codes
- Part I of the K-1
- Part II of the K-1
- Part III of the K-1
- Schedule K-2 and Schedule K-3
Other K-1 Issues and Problems
- What's Not in the K-1
- What K-1S Do and Do Not Prove- Ownership Issues
- What Does the Partnership/Operating Agreement Say
- Your K-1 Is Wrong-Now What?
- Special Situations- Form 1065-B K-1S
- Special Situations- Foreign Partnerships (Schedule K-1-Form 8865)
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 21, 2024.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.8
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.8 hours credit.
- AR CLE 1.75
- This course has been approved for 1.75 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.75
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.75 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.75
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.75
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.75 CLE credit hours.
- IL CLE 1.75
- This course was approved for a total of 1.75 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 2.1
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.75
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
- NH MCLE 1.8
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 106 Minutes.
- NJ CLE 2.1
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.1 hours of total CLE credit.
- NM CLE 1.7
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.7 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- NY CLE 2.0 including Areas of Professional Practice 2
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.5
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- TN CLE 1.77
- This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.77 hours of credit.
- WI CLE 2.0
- This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 2.2
- This program has been approved by the West Virginia State Bar MCLE Commission for 2.2 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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- AK CLE 1.5
- Arizona CLE 1.5
- CA MCLE 1.5
- CT CLE 1.5
- HI CLE 1.5
- MO CLE 2.0
- NJ CLE 2.0
- NM CLE 1.6
- NY CLE 2.0 including Areas of Professional Practice 2
- VT CLE 1.5
- WV MCLE 2.0
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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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