Understanding the K-1 Issued by the Limited Partnership or LLC

Lorman Education Services
Training overview
Professional Course
1.5 hours

Course description

Understanding the K-1 Issued by the Limited Partnership or LLC

Understanding the K-1 Issued by the Limited Partnership or LLC

Eliminate errors and gain a better understanding of the K-1. Many people know that a K-1 is used to report items of income, deductions, and loss to partners in a limited or general partnership, or limited liability partnership, or LLLP, or who are members of a limited liability company, but don’t know all of the detail that exists in a K-1. Many people who are partners or members receive a K-1 but don’t know how to closely examine the K-1 for errors, especially those commonly made. For many of those partners or members who discover that their K-1 is wrong, they may not know what to do next. While simply filing a notice of inconsistent treatment (IRS Form 8082) may seem like an easy thing to do, in fact, just the opposite is true. Careful regard must be given to the fact that a dispute has arisen, where state and Federal laws must be considered. An overall strategy is needed. This topic is aimed at helping practitioners more fully understand the issues that need to be addressed when faced with a client who comes to them with a K-1 that they believe is in error, or who have not even received a K-1. For those partners or members who receive a K-1 that they know is wrong, they must take action. Doing nothing is not an option. In this topic, you will be provided the ability to analyze a K-1, and if it is found to be in error, to then decide on an appropriate course of action, in consultation with your advisors.

Learning Objectives

  • You will be able to review any K-1 and understand its format, each of its parts and how to interpret it.
  • You will be able to identify the mistakes commonly made with a K-1.
  • You will be able to evaluate what must be done when an erroneous K-1 is issued (or a K-1 is not issued at all).
  • You will be able to discuss how the IRS will audit partnerships with erroneous K-1s, in light of 2015 repeal of TEFRA.

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    Who should attend?

    This live webinar is designed for accountants, CPAs, attorneys, CEOs, presidents, vice presidents, CFOs, controllers, financial planners, business owners, enrolled agents, and tax preparers.

    Training content

    • Introduction to the Issue: The K-1 Is Wrong
    • Why Doing Nothing Is Not an OptionMastering the Four Corners of the K-1
    • Overview of What Is in the K-1
    • What Is Not in the K-1
    • Knowing What the Instructions Say
    • Examples of K-1 ProblemsWhat Must Be Done First
    • Identify Errors and Implications
    • Review Agreements
    • Documenting Dispute and Obtaining More Information
    • Internal Resolution and Amended K-1
    • No K-1 IssuedIRS Form 8082 - Notice of Inconsistent Treatment and the 2015 Repeal of TEFRA
    • Understanding How Partnerships Are Audited by the IRS After 2015 Repeal of TEFRA
    • What Form 8082 Does and Does Not Do
    • Implications of New Audit Rules
    • No More TMPs - Who Is Your Partnership Representative?Practical Examples and Case Studies
    • Partner Identification and Classification
    • Account and Liability Issues
    • Line Item Issues
    • Unidentified Partner Issues
    • Foreign Partnership Filings (Form 8865)

    Costs

    The cost of this Understanding the K-1 Issued by the Limited Partnership or LLC live webinar is $219 per participant.

    About Lorman Education Services

    Lorman Education Services

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    Lorman Education Services

    Lorman Education Services
    2510 Alpine Road
    54702 Eau Claire Wisconsin

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