From the K-1 to the 1040 – Types of K-1s and How Each Affects Your Client's Return


Tuesday, June 14, 2022 · 2:00 – 3:40 PM ET

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0152
IRS/RPO Approved Program
#7ZBUJ-T-00096-22-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00096-22-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study.  The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the various K-1 schedules and how they affect a client's tax return. The program will focus on the items reported on Schedule K-1 for partners, shareholders, and beneficiaries, and the requirement that taxpayers be consistent in the reporting of items between their personal returns and the K-1s. Panelists also will examine the changes to reporting for foreign partnerships for 2021 on the new Schedules K-2 and K-3.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the purpose of Schedule K-1, the consistency requirements, the items separately reported on the K-1, and what limitations apply to those items.

Program Learning Objectives

  1. Identify the purpose of the various Schedules K-1.
  2. Identify the items separately reported on the various K-1s.
  3. Identify the effects of ownership changes during the year on items reported on the K-1.
  4. Identify the changes to foreign partnership reporting introduced by the new K-2 and K-3.

Program Outline

  • Types of K-1
    • Partner's Shares (Form 1065)
    • S-Corp. Shareholder's Shares (Form 1120-S)
    • Beneficiary's Shares (Form 1041)
    • Foreign Partnerships (Form 8865)
    • Consistency Requirement

  • Changes to Foreign Partnership Reporting for 2021
    • Schedule K-2, Partner's Distributive Share Items
    • Schedule K-3, Partner's Share of Income, Deductions, etc.

  • Partner's K-1
    • Deceased Partner
    • Sale of Partner's Interest
    • Limitations on Losses or Deductions
    • Items Separately Reported

  • Shareholder's K-1
    • Deceased Shareholder
    • Sale of Shareholder's Stock
    • Limitations on Losses or Deductions
    • Items Separately Reported

  • Beneficiary's K-1
    • Items Separately Reported
    • Generation-Skipping Trusts

  • Foreign Partnerships
    • Items Separately Reported
    • Items Reported on Schedule K-2 (2021)
    • Items Reported on Schedule K-3 (2021)

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

Coming soon!

 

Industry Panelists

Coming soon!

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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