Recorded 2-hour Webinar (No CPE):
2020 Forms 1065 and K-1s IRS Throws Rocks at Hornet’s Nest and Other Tax Capital Account Stories

 

Program Description:

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.

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top-rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion.  His forte’ is the candid communication of practical ideas relating to tax law.

Host: Rick Telberg
  • Founder and CEO CPA Trendlines, Bay Street Group
  • Accounting Today Top 100
  • CPA Practice Advisor Top 25

Host: Sandi Leyva
  • Founder and President Accountant's Accelerator, Sandra L Leyva, Inc.
  • CPA Practice Advisor Top 25
  • Most Powerful Women in Accounting

Seating is limited, so register now.  This webinar is packed with high quality content and will fill up fast!

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