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

Eliminate errors and gain a better understanding of the K-1.

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, limited liability partnership, 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 may not know that the K-1 is likely to change in 2018 due to recent changes in the tax law. Partners or members who receive a K-1 often do not know how to closely examine the K-1 for errors. And those partners or members who discover their K-1 is wrong often do 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. In order to do so, you will want to consider recent changes in the tax law and anticipate changes to the K-1.

Runtime: 118 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Mastering 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 Problems
  • Anticipating What the K-1 Will Look Like in 2018 and Beyond

What 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 Issued

IRS 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)
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 30, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 2.0
     
  • CA MCLE 2.0
     
  • GA CLE 2.0
     
  • HI CLE 2.0
     
  • IL CLE 2.0
     
  • ME CLE 2.0
     
  • MO CLE 2.4
     
  • MT CLE 2.0
     
  • NJ CLE 2.4
     
  • NV CLE 2.0
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 2.0
     
  • WA CLE 2.0
     
  • WV MCLE 2.4
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 2.0
     
  • CA MCLE 2.0
     
  • HI CLE 2.0
     
  • IL CLE 2.0
     
  • ME CLE 2.0
     
  • MO CLE 2.4
     
  • MT CLE 2.0
     
  • NJ CLE 2.4
     
  • NV CLE 2.0
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 2.0
     
  • WA CLE 2.0
     
  • WV MCLE 2.4
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

Tufts Law Firm, PLLC

  • Founder and executive manager of Tufts Law Firm, PLLC
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistleblowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistleblowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing “Carte Blanche” Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til Its Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?) (ABA Teleconference, August 24, 2010)
  • LL.M. degree, taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree, accounting, Florida State University
Carolyn Turnbull, CPA, MST, CGMA

Carolyn Turnbull, CPA, MST, CGMA

Kony, Inc.

  • Senior tax manager for Kony, Inc.
  • More than 30 years of diverse experience dealing with complex individual, trust, partnership and corporate tax issues, including family limited partnerships, consolidated returns, multistate apportionment and allocation computations, state income and composite tax returns, state and federal tax credits, state and local sales, use and property tax issues, international tax issues, mergers and acquisitions, and estate and gift taxes
  • Recently completed a three-year term as one of 27 members of the Internal Revenue Service Advisory Council
  • Named as one of the Top 50 IRS Representation Practitioners in the April 2008 edition of CPA magazine and one of the Top 40 Tax Advisors to Know in a Recession in the April 2009 edition of CPA magazine
  • Active with the American Institute of Certified Public Accountants (AICPA), where she recently completed a three-year term on the Tax Executive Committee and currently serves as a presenter for Sidney Kess’ annual Individual and Corporate Tax Return Video courses and on multiple partnership and international taxation taskforces
  • Frequently speaks on a variety of individual, corporate, partnership, and international tax topics at tax seminars and in webcasts and teleconferences
  • M.S. degree in taxation and B.B.A. degree in accounting, University of Wisconsin-Milwaukee
  • Can be contacted at 770-634-8274 or [email protected]
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Product ID: 401862
Published 2018
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