On proposed 2019 Forms 1065, Schedules K-1 and in related instructions, IRS is launching massive new reporting requirements re: negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains and many more. Chaos has resulted and IRS has backed off some, but massive new disclosures remain.
Update participants on: 1. How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them 2. Negative tax basis capital account reporting – What must be computed and disclosed (and by when) 3. Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)
1. 2019 Form 1065 and K-1 – New reporting requirements in depth 2. Disregarded entity partners – New disclosures, depth of implications 3. 3 year average annual gross receipts test – 4 places it matters 4. Negative capital accounts – Switch to tax basis reporting 5. Basis in partner’s partnership interest – New inquiries, new treacherie 6. Disguised sales – New question as to partner disclosure 7. §704(c) Built-in gains and loss – Much new “as-you-go” info required 8. Aggregation of at-risk activities – New disclosures with sticky implications 9. Grouping of passive activities – New disclosure and detail required 10. Miscellaneous – Changed reporting for §199A, capital accounts, §754 elections with §743(b) adjustments, sales of partnership interests, partnerships with foreign partners, tiered partnership debt disclosure issues, and so on
At least one year’s tax preparation experience.