Federal Schedule K-1: Mastering the Compliance Challenges
Determining and Reporting a Partner's Income, Credits and Deductions
Recording of a 110-minute CPE webinar with Q&A
This seminar will offer experienced approaches to fine-tune compliance work on federal Schedule K-1 reporting, estimating, electing and coding.
- Review of Schedule K-1
- Partnership information
- Individual partner information
- ID number, type of partner or entity, partner’s share of profit/loss/capital/liabilities
- Partner capital account analysis
- Partner’s share of current-year income, deductions, credits and other items
- Ordinary, real estate and rental income
- Guaranteed payments
- Interest income
- Ordinary and qualified dividends
- Special codes for partners, income and deduction categories, transactions, etc.
- Ongoing challenges with Schedule K-1 compliance
- Reporting income in the proper location on returns
- Avoiding mistakes with netting or combining income, reporting gross income
- Handling deductions from prior years
- Estimating K-1 income and identifying it
- Reporting partner/shareholder elections
The panel will address these and other critical aspects for preparing Schedule K-1s:
- Estimating income: When and how to make an estimate, and how to identify it on returns.
- Reporting income: Avoiding mistakes such as netting or combining income against losses or expenses, and failing to report gross income separately.
- Reporting deductions: How to carry forward "at risk" or basis limitation losses and segregate them from current-year amounts.
- Reporting elections: Whether and how to make a partner or shareholder election in response to the entity's change in accounting period.
Manager, Washington National Tax, Pass-Throughs Group
He has eight years of professional experience and specializes in partnership taxation, particularly in M&A and... | Read More
He has eight years of professional experience and specializes in partnership taxation, particularly in M&A and financing structures. Prior to joining the Pass-Throughs Group, he worked in the firm's M&A Services Group on due diligence and restructuring services to buyers and private equity investors.Close
Sarah I. Staudenraus
Ms. Staudenraus is part of the firm's Washington National Tax Practice and specializes in the federal tax... | Read More
Ms. Staudenraus is part of the firm's Washington National Tax Practice and specializes in the federal tax implications for partnerships, including formations, liquidations and sales. Before joining KPMG in 1996, she worked as a comptroller in private industry.Close
Joseph F. Schlueter
Mr. Schlueter has more than 21 years of professional experience and serves as the firm's lead technical... | Read More
Mr. Schlueter has more than 21 years of professional experience and serves as the firm's lead technical specialist on partnership and LLC taxation. He previously served for three years on the AICPA's Partnership Taxation Technical Resource Panel.Close