Eliminate errors and gain a better understanding of the K-1.
Many people know that a K-1 is used to report items of income, deductions, and loss to partners but don't know all of the details that exist in a K-1. Many may not be on top of the subtle changes being made to the K-1 over the years and the latest effort to add a K-2 and K-3 to the information return filings. Often, partners or members who receive a K-1 do not know how to examine the K-1 for errors. And those partners or members who discover their K-1 is wrong often do not know what to do next. While simply filing a notice of inconsistent treatment (IRS Form 8082) may seem like an easy thing to do, just the opposite is true. Careful regard must be given to the fact that a dispute has occurred and where state and federal laws must be considered. An overall strategy is needed. This topic will help practitioners fully understand the issues that need to be addressed when faced with a client who comes to them with a K-1 they believe is in error or they have not even received a K-1. For those partners or members who receive a K-1 that they know is wrong, they must take action, and those advising them must know whether new audit rules apply (i.e., under the new audit procedures in place as a result of the 2015 Bipartisan Budget Act (BBA)). With the IRS' most recent change in 2020 requiring tax basis capital accounts on the K-1 (as opposed to GAAP or 704(b) book), there are even more ways by which a K-1 will be in error. Doing nothing is not an option. You will be provided the ability to analyze a K-1, and if it is found to be in error, then decide on an appropriate course of action in consultation with your advisors. To do so, you will want to consider recent changes in the tax law and anticipate changes to the K-1. The latest developments will also be discussed.
Learning Objectives
- You will be able to identify the purposed and objective of the Schedule K-1 and the partnership agreement.
- You will be able to recognize the best practices in completing the K-1.
- You will be able to differentiate between the various reporting requirements of the K-1 and Form 1065.
- You will be able to recognize the steps when an incorrect K-1 is issued.
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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
Mastering the Four Corners of the K-1
- Overview of What Is in the K-1
- What Is Not in the K-1
- Knowing What the Instructions Say
- Examples of K-1 Problems
- Latest Developments - New Schedule K-2 and K-3
What Must Be Done First
- Identify Errors and Implications
- Review Agreements
- Documenting Dispute and Obtaining More Information
- Internal Resolution and Amended K-1
- No K-1 Issued - Now What?
IRS Form 8082 - Notice of Inconsistent Treatment and the 2015 Repeal of TEFRA
- Understanding How Partnerships Are Audited by the IRS After 2015 Repeal of TEFRA
- What Form 8082 Does and Does Not Do
- Implications of New Audit Rules and Impact on Agreements
- No More TMPs - Who Is Your Partnership Representative?
Practical Examples and Case Studies
- Partner Identification and Classification
- Account and Liability Issues
- Line Item Issues
- Unidentified Partner Issues
- Foreign Partnership Filings (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 December 5, 2022.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AK CLE 1.75
- Alaska attorneys may receive 1.75 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 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- 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 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 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 2.0
- 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: 109 Minutes.
- NM CLE 1.8
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.8 hours of credit.
- NV CLE 2.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 2.0 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.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WV MCLE 2.0
- This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
CPE/NASBA - QAS Self Study 3.0 including Taxes 3
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 3.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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.
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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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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.
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