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Who should attend Schedule K-1: A Guide For Preparing And Interpreting Schedule K-1s Of Partnerships, LLCs And S Corporations
This one-day seminar is designed for attorneys, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, CFPs and enrolled agents.
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Schedule K-1: A Guide For Preparing And Interpreting Schedule K-1s Of Partnerships, LLCs And S Corporations  

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This one-day seminar is designed for attorneys, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers, CFPs and enrolled agents.

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Seminar Summary:

This course will look at the filing requirements and tax rules applicable to entities filing Partnership and S Corporation tax returns and provide a guide to proper reporting of income on the K-1 and the individual income tax return. (see full course description)

 
 

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print the agenda print agenda for the Schedule K-1: A Guide For Preparing And Interpreting Schedule K-1s Of Partnerships, LLCs And S Corporations seminar

 

 

Training Course Syllabus:


This one day seminar is designed for people responsible for filing Partnership and S Corporation tax returns and for people who prepare individual income tax returns that must report income flowing from Partnerships and S Corporations.

The Internal Revenue Service's Schedule K-1 matching program has brought increased attention to the importance of properly preparing, interpreting, and reporting the information from a K-1 on the individual taxpayer's tax return.

This course will look at the filing requirements and tax rules applicable to entities filing Partnership and S Corporation tax returns and provide a guide to proper reporting of income on the K-1 and the individual income tax return.

Seminar highlights:

  • Principles of Partnership and S Corporation taxation
  • How to correctly prepare Schedule K-1s for Partnerships and S Corporations
  • Interpreting Schedule K-1s
  • Claiming losses reported on Schedule K-1s: The passive activity, basis and at-risk rules
  • Allocating and reporting Partnership debt on Schedule K-1s

8:30 a.m. - 10:30 a.m.

I. Entities Taxed As Partnerships

A. Types Of Partnerships

1. Large Partnerships

2. LLC

3. Publicly Traded Partnerships

4. Tax Shelter Partnerships

5. Investment Partnerships

B. How Partnership Income Is Taxed

C. What Tax Returns Are Filed And When

D. Tax Year Taxpayer Reports The Income

E. Limitations On Allowable Partnership Losses

1. Basis Rules

2. At-Risk Rules

3. Passive Activity Rules

F. Payments To A Partner

1. Guaranteed Payments

2. Self-Charged Interest

G. Self-Employment Tax

1. General Partners

2. Limited Partners

3. LLC Members

H. Termination Of A Partner's Interest

I. Elections And Tax Audits

J. Change In Partnership Tax Year

10:30 a.m. - 10:40 a.m.

Break

10:40 a.m. - 12:00 p.m.

II. Preparing A Schedule K-1 For Form 1065

A. Purpose Of Schedule K-1

1. Schedule K-1 And Basics Of Information Reporting

2. Penalty For Failure To Furnish Schedule K-1

3. Errors And Inconsistent Treatment Of Items On Schedule K-1

B. General Information: Questions A-J

1. Liabilities

2. Analysis Of Partner's Capital Account

12:00 p.m. - 1:00 p.m.

Lunch (On Your Own)

1:00 p.m. - 2:00 p.m.

II. Preparing A Schedule K-1 For Form 1065 (Continued)

C. Distributive Share Items: Lines 1-24

1. Share Of Income, Expense, Gain, Loss, Credits Before Applying Limitation Rules

2. Rental Real Estate Activity

3. Guaranteed Payments To Partner

4. Charitable Deductions And Supporting Information

5. Credits And Supporting Information

6. Investment Income And Expenses

7. Self-Employment Income

8. Alternative Minimum Tax Items

9. Foreign Source Income And Taxes

10. Treatment For Dealers/Traders/ Investors

11. Miscellaneous

D. Supplemental Information: Line 25

2:00 p.m. - 3:00 p.m.

III. Entities Taxed As S Corporations

A. Qualification As An S Corporation

B. How S Corporation Income Is Taxed

1. General Rules

2. Built-In Gain

3. Excess Net Passive Income

4. Accumulated Adjustments Account ('AAA')

C. What Tax Returns Are Filed And When

D. Tax Year Taxpayer Reports The Income

E. Limitations On Allowable S Corporation Losses

1. Basis Rules

2. At-Risk Rules

3. Passive Activity Rules

F. Payments To A Shareholder

1. Self-Charged Interest

G. Termination Of A Shareholder's Interest

1. Termination Of S Election

2. Closing The Books Election

H. Elections And Tax Audits

I. Change In S Corporation's Tax Year

3:00 p.m. - 3:10 p.m.

Break

3:10 p.m. - 4:00 p.m.

IV. Preparing A Schedule K-1 For An 1120S

A. General Information: Questions A-D

B. Pro Rata Share Items: Lines 1-22

1. Share Of Income, Expense, Gain, Loss, Credits Before Applying Limitation Rules

2. Rental Real Estate Activity

3. Charitable Deductions And Supporting Information

4. Investment Income And Expenses

5. Credits And Supporting Information

6. Alternative Minimum Tax Items

7. Foreign Source Income And Taxes

8. Miscellaneous

C. Supplemental Information: Line 23

D. Reduction Of Income Items On Schedule K-1 For S Corporation Taxes

1. Pro Rata Share Of Built-In Gains Tax

2. Pro Rata Share Of Tax On Excess Net Passive Income

4:00 p.m. - 4:30 p.m.

V. Exercises, Recap And Questions

Seminar Summary:

This course will look at the filing requirements and tax rules applicable to entities filing Partnership and S Corporation tax returns and provide a guide to proper reporting of income on the K-1 and the individual income tax return. (see full course description)

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