Federal Schedule K-1 Issues for Tax Return Preparers

Addressing Complex Compliance Issues With Basis, Gains and Losses

Recording of a 110-minute CPE webinar with Q&A

Conducted on Thursday, May 30, 2013

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will improve an attendee's familiarity with the issues involved in preparing a federal Schedule K-1 to accurately prepare the schedule and guide clients in making informed decisions about basis, at risk and passive loss limitations, and other important topics.

Description

Proper completion of a client's federal Schedule K-1s to report a partner's share of a partnership's income, gains, losses, etc. poses a number of challenges for a tax specialist. Partners rely on the K-1 to determine losses that are currently deductible under the basis, at risk and passive loss limitations.

An accurate K-1 is critical for a partner to determine a distributed share of income, gains, losses, deductions and credits—and proper tax treatment of those items. Partners must use reporting of partnership liabilities and losses to set deductions under basis, at risk and passive loss limitations, for example.

Listen as our experienced panel reviews the rules and guidance affecting tax work on Schedule K-1.

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Outline

  1. Information About The Partner
  2. Partner's Share Of Current-Year Income And Other Items
  3. Brief Section 1411 Implications
  4. Ownership Percentages
  5. Self-Employment Taxes
  6. Electronic K-1s
  7. K-1 Attachments
  8. K-1 Lessons From Hedge Fund, Fund Of Funds Compliance

Benefits

The panel will cover these and other relevant topics:

  • Making correct decisions about shares of income, loss, gain and credit on a K-1.
  • Understanding the importance of classification and allocation of partnership liabilities on a K-1.
  • Computing self-employment income or loss.
  • Disclosing "other information" required to be reported to partners with the K-1s.
  • Properly reporting rental activities.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Anne Bushman
Anne Bushman
Tax Services Manager
McGladrey

She is a federal tax specialist for partnership clients at the firm, researching and providing advice on...  |  Read More

Carolyn Turnbull
Carolyn Turnbull
Tax Director
McGladrey

She works routinely with the firm’s clients on engagements involving pass-through entities, and has extensive...  |  Read More

Gregory Levy
Gregory Levy
Principal
Kaufman Rossin & Co.

Mr. Levy has worked with the firm since 1992 and has a particular expertise in partnership compliance issues and...  |  Read More

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