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Credits: 2

Qualifies For: IRS

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Introduction to K-1 Issues for Partners and Members in an LLC (K1PM)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Tax advisors with partners and LLC members struggle every year to make complete sense of the Schedules K-1 their clients receive from the partnerships and LLCs treated as partnerships their clients own. If you have questions about how the Form 1065 K-1 works or how the items reported on a client’s K-1 should be reported on his or her own individual Form 1040, this program will help you. The program will go through and discuss the more difficult issues that the Form 1065 Schedule K-1 presents for partners/members, and their tax advisors.

Major Topics:

  • Separately and nonseparately stated items
  • When to file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request
  • The impact of basis limits, the at-risk rules, and the passive activity loss rules on items allocated to the partner/member on his/her K-1
  • Determining what kind of partner the taxpayer is for Part II reporting purposes
  • Determining the kind of liability(ies) the partner/member should report in Part II of the Schedule K-1
  • How to calculate the partner’s capital account
  • Box 14, Schedule K-1—what is the taxpayer’s self-employment income?
  • What goes in Line 11, Schedule K-1, "Other Income"?
  • What goes in Line 20, Schedule K-1, "Other information"?

Learning Objectives

  • Understand how to address many of the issues that Form 1065, Schedule K-1 presents for partners/members
  • Understand the specific line items on the Form 1065, Schedule K-1

Who should take this course:

Designed for:

Any tax practitioner wishing to know more about the specific line items on the Form 1065, Schedule K-1; and any tax practitioner preparing Form 1065 or any tax practitioner advising clients who own a partnership interest or a membership interest in a mult

Prerequisite:

Basic familiarity with tax rules relating to partnership and LLC taxation

Advanced Preparation:

None

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