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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. As business owners utilize trusts more and more in their estate planning, the course includes an

11/7/2017
When: Tuesday , 7 November , 2017
7:00:00 AM - 3:00:00 PM
Where: Webcast/Webinar
United States
Presenter: Debbie Phillips, M.S.T., CPA
Contact: April Deneault
801-466-8022


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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. As business owners utilize trusts more and more in their estate planning, the course includes an overview of issues associated with Form 1041 Schedule K-1.

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

Learning 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 common and not-so-common Schedule K-1 issues

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

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