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Surgent's K-1 Boot Camp for S Corporations and LLCs (K1SL)
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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 pass-through entities.

8/9/2016
When: Tuesday, August 9, 2016
7:00 AM - 3:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym K1SL
CPE 8 hours
Category
Taxes
Level Intermediate
Vendor Surgent
Who should attend

Experienced CPAs seeking an in-depth study of these ubiquitous tax schedules

Prerequisite
Basic knowledge of federal taxation
Fees: Early Bird
Standard
Member N/A
$219
Non-Member: N/A
$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description:
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 pass-through entities.

Major Topics:

  • Review of common and not-so-common line items on Forms 1065 and 1120S 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 
  • Finding hidden gains within S corporation Schedule K-1
  • Practical look at what options taxpayers have if they receive a Schedule K-1 that includes an error

Objectives:

  • Understand complicated issues of S corporation and LLC Schedule K-1 reporting issues
  • Complete a comprehensive problem related to “at-risk” recapture
  • Be familiar with passive activity reporting

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