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K-1 Boot Camp for LLCs (K1L4)

  • Format Live Seminar
  • Credits 4
  • Level Intermediate
  • Field of Study Taxes (4)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

Schedule K-1 has evolved into the universal correspondent of tax information to business owners. This course utilizes practical case studies and detailed cases to take a deeper look into the vastness of Schedule K-1. The course will be advantageous to those who prepare complicated federal individual income tax returns, and for those who prepare the underlying Schedules K-1 for partnership or LLC pass-through entities.

Major Topics

  • Review of common and not-so-common line items on Forms 1065 Schedules K-1
  • Numerous examples of special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Determining substantiality, with examples of “some help, no hurt” allocations
  • 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
  • Determining self-employment taxable income
  • Partners’ capital accounts and method of maintaining them
  • When sales of depreciable property are not reported on Form 4797
  • Practical case and examples of the proper allocation of recourse and non-recourse liabilities
  • Finding hidden gains within partnership/LLC Schedule K-1
  • Practical look at what options taxpayers have if they receive a Schedule K-1 that includes an error

Learning Objectives

  • Understand complicated issues of partnership and LLC Schedule K-1 reporting issues
  • Complete a comprehensive problem related to “at-risk” recapture

   

Who should take this course:


Experienced CPAs seeking an in-depth study of this ubiquitous tax schedule

Basic knowledge of federal taxation

None

Yes

No

No

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