IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Schedule K-1 for Limited Partnerships (OnDemand Webinar)

$219.00

SKU: 411428 Category:

Description

Course Description

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.

Learning Objectives

– You will be able to describe the features of any K-1.
– You will be able to explain the history of the changes made to the Schedule K-1 and the implications of those changes.
– You will be able to review best practices on how to identify errors in any K-1
– You will be able to discuss what should be done if either no K-1 is issued or an erroneous K-1 is issued

Presenter: T. Scott Tufts, Esq., CPLS, P.A.
Credits*: AIPB, CLE, Enrolled Agents, CPE
Time of program 100 min, 1 pm ET
Date of program August 21

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)

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

T. Scott Tufts, Esq.-CPLS, P.A.

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