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Author: Bradley Burnett
CPE Credit: | 3 hours for CPAs 3 hours Federal Tax Related for EAs and OTRPs 3 hours Federal Tax Law for CTEC |
On recent Forms 1065, Schedules K-1, K-2 and K-3 and in related instructions, the IRS has launched massive new reporting requirements re: negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains, foreign activities and many more. Chaos has resulted.
In this course, you’ll learn:
1. How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
2. Negative tax basis capital account reporting – What must be computed and disclosed (and by when)
3. Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, international activity, foreign tax credit and more)
Publication Date: October 2022
Designed For
Return preparers, tax planners and taxpayers desiring to keep up with IRS’s Form 1065 Schedule K-1 reporting requirements.
Topics Covered
- Form 1065 and K-1 — New reporting requirements in depth
- Disregarded entity partners — Disclosures, depth of implications
- 3 year average annual gross receipts test — 4 places it matters
- Negative capital accounts — Tax basis reporting
- Basis in partner's partnership interest — New inquiries, new treacheries
- Disguised sales — New question as to partner disclosure
- Aggregation of at-risk activities — New disclosures with sticky implications
- Grouping of passive activities — New disclosure and detail required
- Miscellaneous — Capital accounts, §754 elections with §743(b) adjustments, sales of partnership interests, partnerships with foreign partners, tiered partnership debt disclosure issues, and so on
Learning Objectives
- Recognize the reporting demands of Form 1065 Schedule K-1
- Identify when the IRS first introduced Schedule K-2 and K-3
- Identify the new schedule that relates to a partners distribute share of international items
- Identify the per partner per month FTF penalty for a partnership return required to be filed in 2023 (not to exceed 12 months)
- Identify the IRS form that relates to a notice of inconsistent treatment or Administrative Adjustment Request (AAR)
- Identify the part of Schedule K-2 that relates to the Foreign Tax Credit Limitation
- Identify the item of income that is sourced to the residence of the payer
- Identify the IRC Section that prescribes requirements related to the failure to furnish correct payee statements
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (3 hours)
Program Prerequisites
Basic understanding of tax preparation.
Advance Preparation
None
Additional Course Details
- Filed of Study: Taxation
- Publisher: Wolters Kluwer
- Course Level: Update
- Pre-Requisites: None
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