On IRS 2020 Draft Forms 1065, Schedules K-1 and in related instructions, IRS is launching massive new reporting requirements re: tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains, IRA and qualified plan partners and many more. Capital accounts must be converted from book to tax. No more delay.

In this action packed 2 hour program, you’ll learn:

1. Tax basis capital account reporting – What must be computed and disclosed (and by when) (a/k/a Book capital account reporting – Kiss it goodbye)
2. How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
3. Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)

Detail

1. Capital accounts – Switch to tax basis reporting
2. 2020 Form 1065 and Schedule K-1 – Reporting requirements in depth
3. Disregarded entity partners – Disclosures, depth of implications
4. 3 year average annual gross receipts test – 4 places it matters
5. Basis in partner’s partnership interest – New inquiries, new treacheries
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 – Reporting for §199A, §461(l) excess business losses, capital accounts, §754 elections with §743(b) adjustments, sales of partnership interests, partnerships with foreign partners, tiered partnership debt disclosure issues and so on

We can’t wait to be a deer in the headlights. We’ve got to get on this one now.