CANCELLED: 2019 Forms 1065 and K-1s: IRS Throws Rocks at Hornet’s Nest

Description

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.

Learning Objectives

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)

Major Topics

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

Provider
Bradley Burnett Tax Seminars LTD
Course Level
Update
CPE Field of Study
Tax
4
Who Should Attend

CPAs

Instructor(s)
Brad Burnett
Prerequisites

At least one year’s tax preparation experience.

Advanced Preparation

None

Location
Webcast
Register Now
When
Jun 15, 2020
12:30 pm - 4:00 pm MDT
Location
Webcast
Total CPE Credits
4
Format
Webcast
Instructor
Bradley Burnett

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CANCELLED: 2019 Forms 1065 and K-1s: IRS Throws Rocks at Hornet’s Nest


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