2021 Forms 1065 and K-1s: IRS Throws Rocks at a Hornet’s Nest
Schedules K-2 and K-3’s Deadly Aim Threatens Every Partnership Return
Stunning New PPP Tax Timing Options
Recording Only
Recorded on August 22, 2022
No CPE
Includes Handout and Video Recording
Program Description:
On IRS 2021 Forms 1065, Schedules K-1 and Instructions, IRS continues to ask for tons of detailed information and they’ve changed up the way they ask for it.
In a jolting new move, IRS has made every domestic U.S. Form 1065 preparer responsible to prepare and file Schedules K-2 and K-3 (re: international) (though 99% of the time not needed) or else do massive new due diligence to sidestep the filing requirement. This course shows you exactly what to do in response.
In a huge new development, IRS released Rev. Proc.s 2021-48, -49 and -50 to allow taxpayers the choice to report PPP debt relief income (and, thus, deduct PPP funded expenses) in their tax year of choice. This opens up a tax planning extravaganza.
In this action packed 3 hour program, you’ll learn:
- How new Schedules K-2 and K-3 knock Form 1065 out of orbit and impose stunning new duties on a 1065 preparer’s shoulders
- Tweaked (once again) tax basis capital account reporting – What must be computed and disclosed (and by when)
- Extraordinary new available tax planning: How partnerships (and S Corps) enjoy optional new timing choices for placement of PPP debt relief income
- Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)
Detail
- Capital accounts – Tax basis reporting tweaked again
- 2021 Form 1065 and Schedule K-1 – Reporting requirements in depth
- Disregarded entity partners – Disclosures, depth of implications
- 3 year average annual gross receipts test – 5 places it matters
- Basis in partner’s partnership interest – New timing, timing, timing, timing
- Disguised sales – Form 1065 question re: partner disclosure
- §704(c) Built-in gains and loss – New “as-you-go” info required
- Aggregation of at-risk activities – Disclosures with sticky implications
- Grouping of passive activities – Disclosure and detail required
- How every domestic (and foreign) partnership must immediately concern itself with all-new Schedules K-2 and K-3
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 39 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
Recording Only
Recorded on August 22, 2022
No CPE
Includes Handout and Video Recording
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