Forms 1065 and K–1s – IRS Throws Rocks at Hornets' Nest (2 hours)

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Jul 22, 2020

Registration: 4:30 AM / Program: 5:00 AM - 7:00 AM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

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. IRS has backed off some, but massive new disclosures remain. We can’t wait to be a deer in the headlights in tax season. We’ve got to get on this one now.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Designed For

All

Objectives

  • How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
  • Negative tax basis capital account reporting – What must be computed and disclosed (and by when)
  • Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new disguised sale reporting and more)

Major Subjects

  • 2019 Form 1065 and K-1
  • Disregarded entity partners
  • 3 year average annual gross receipts test
  • Negative capital accounts 
  • Basis in partner’s partnership interest
  • Disguised sales
  • §704(c) Built-in gains and loss
  • Aggregation of at-risk activities
  • Grouping of passive activities
  • Miscellaneous  

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.