Mastering Reporting of Publicly Traded Partnership and MLP K-1s on Partners' Returns
Navigating MLP K-1 Footnotes and Tying Information to the 1040
Recording of a 110-minute CPE webinar with Q&A
Conducted on Wednesday, January 18, 2017
Recorded event now available
This webinar will provide tax advisers and professionals with the tools and practical knowledge needed to accurately reconcile complex Schedule K-1s for publicly traded partnerships (PTPs) and master limited partnerships (MLPs), using sample K-1 information from complex Oil & Gas partnership footnotes and disclosures as an example. The panel will offer guidance on how to translate reportable information onto the partner’s Form 1040, prepare basis schedules, and report at-risk and passive loss limitations.
This webinar will provide tax advisers and professionals with the tools and practical knowledge needed to accurately reconcile complex Schedule K-1s for PTPs and translate reportable information onto the partner’s Form 1040, prepare basis schedules, and report at-risk and passive loss limitations.
For most K-1s received by taxpayers, reporting the pass-through items of income and loss is a fairly straightforward process. However, for many oil and gas PTPs and master limited partnerships (MLPs), the K-1 often requires the tax preparer to compile complex reconciliation schedules before transferring the information reported onto the partner’s income tax return.
A Schedule K-1 from an oil and gas partnership can easily exceed 50 pages or more. These K-1s generally have important tax reporting information in the extensive footnotes following the standard page 1 boxes listing income, deductions, credits and distributions. To allocate and report items on the client’s tax return, tax professionals must use information found in the footnotes.
Schedule K-1s from PTPs and MLPs also present challenges to tax preparers in reporting the client’s basis and at-risk amounts in the investment. Tax professionals must carefully review the K-1 and footnotes to prepare and maintain accurate basis schedules, at-risk amount calculations and capital accounts.
Listen as our experienced panelist provides detailed and practical guidance to help tax professionals correctly reconcile tax information from these complex K-1 schedules and correctly report the information onto the tax return.
- The law and regulations, including recent developments
- Review of Schedule K-1 data, including key footnote information
- Required combinations and allocations
- Gain/loss reporting for assets sold by the partnership
- How to tie reconciliation schedules to Schedule K-1 to tax return
- Basis schedule, capital accounts and at-risk amounts
- Oil and gas items
The panelist will review these and other critical topics:
- The law and current regulations.
- Understanding K-1 footnotes to determine items such as passive vs. non-passive income, as well as dispositions
- Knowing when a K-1 requires the tax preparer to enter info in return areas other than Sch. E pg. 2
- How to report the information found in reconciliation schedules onto the partner’s income tax return
- Calculating basis on capital assets sold within a partnership to correctly report gain or loss on Form 8949
- Preparing and maintaining a basis schedule for the partnership investment
- Recent developments, including the proposed regulations regarding the definition of “qualifying income” for PTPs in the oil and gas industry, as well as the Bipartisan Budget Act of 2015
After completing this course, you will be able to:
- Determine a reconciliation schedule for PTP and MLP K-1s
- Establish a connection between footnotes and information found within back to the front page of the K-1
- Identify adjustments for basis reporting of capital assets sold within the oil and gas partnership for tax reporting purposes
- Discern adjustments needed to create and maintain a basis schedule for these partnership investments
James E. Marker, II, CPA, Tax Manager
Sisterson & Co.,
Mr. Marker's practice focuses on dealing with businesses and individual investors in the upstream and midstream segments of the oil and gas industry. His experience includes assisting clients with a wide variety of tax and consulting needs, such as; multi-state operations, planning with respect to intangible drilling costs (IDC) and the alternative minimum tax, and planning and compliance related to acquisitions and dispositions of assets, stock, and membership interests, including installment sales, like-kind exchanges, and recapture of previously deducted items such as depreciation, depletion, and IDC.
Joseph P. Nicola, Jr., Tax Partner
Sisterson & Co.,
Mr. Nicola has experience in many areas of taxation, including the taxation of and planning for individuals, families, and various forms of business entities, such as corporations, partnerships, and limited liability companies. He is experienced in federal and multi-state tax matters that affect numerous industries. His background also includes significant experience in ERISA and employee benefits, as well as representation before the Internal Revenue Service and Department of Labor. He is a published author of CPE and CLE texts and industry articles.
Enrolled Agent credit processing is available for an additional fee per person.
EA Processing $5.00
Includes video streaming of full program plus handouts (available within a week of the live webinar).
Strafford is a NASBA-approved CPE provider for On-Demand webinars.
This program is eligible for 2.0 CPE credits.
- Field of Study: Taxes.
- Level of Knowledge: Intermediate.
- Advance Preparation: Printing and reviewing Program Outlines and materials.
- Teaching Method: Seminar/Lecture.
- Delivery Method: QAS Self-Study.
- Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex partnership and partners' tax forms and schedules; supervisory authority over other preparers/accountants. Knowledge and understanding of preparing Schedule K1s for publicly traded partnerships, reporting information from reconciliation schedules to a partner's income tax return, basis schedules, capital accounts and at-risk amounts; familiarity with the oil & gas industry, passive v. non-passive income and dispositions.
On-Demand Webinar & CPE Processing $182.00
Includes full event recording plus handouts (available after live webinar).
Note: Self-study CPE and EA credits are not offered on recorded events.
Recorded Webinar Download $147.00
Available 48 hours after the live event
Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event
DVD (Slide Presentation with Audio) $147.00
plus $9.45 S&H
Available ten business days after the live event
NASBA CPE Sponsor
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
IRS Approved Provider
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.
I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.
Cover & Rossiter
I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.
Savas Greene & Company
I liked the concentration on specific issues and examples.
Komisar Brady & Co.
The conference was technical, informative and presented at a good pace.
Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.
Rhonda G. Williams, CPA
Barraclough & Associates
Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.