Schedule K-1 has evolved into the universal correspondent of tax information to business owners. Through practical case studies, take a deeper look into the vastness of Schedule K-1. The seminar will be advantageous to those who prepare complicated federal individual income tax returns, and for those who prepare the underlying Schedules K-1 for pass-through entities.
DESIGNED FOR
Experienced CPAs seeking an in-depth study of these ubiquitous tax schedules.
BENEFITS
- Understand complicated issues of S corporation and LLC Schedule K-1 reporting issues
- Complete a comprehensive problem related to “at-risk” recapture
- Be familiar with common and not-so-common Schedule K-1 issues
HIGHLIGHTS
- Review of Forms 1065 and 1120S Schedules K-1
- Special allocation issues of §704
- Determining substantiality
- Advanced case for tracking a multitude of Schedule K-1 line items through Form 6251
- Case study finding “at-risk” hidden gains within Schedule K-1
- Self-employment taxable income
- Partners’ capital accounts and method of maintaining them
- When sales of depreciable property are not reported on Form 4797
- Proper allocation of recourse and non-recourse liabilities
- Finding hidden gains within partnership/LLC and S corporation Schedule K-1
- The options taxpayers have if they receive a Schedule K-1 that includes an error
COURSE LEVEL
Intermediate
PREREQUISITES
Basic knowledge of federal taxation.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
NJCPA Goes Green - Registrants Save $20
New for 2018, course materials will be distributed electronically and we're passing the savings along to you. All 8-hour seminar pricing has been reduced by $20. To access, visit your
My Events page. Download to your laptop or tablet prior to your seminar. Handouts are added as received.