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120-minute live streaming program
  • April 30
  • 1:00 - 3:00 pm EST

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

April 30

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.

Learning Objectives

- You will be able to review any K-1 and understand its format, each of its parts and how to interpret it and anticipate any changes to the K-1.

- You will be able to identify the mistakes commonly made with a K-1.

- You will be able to evaluate what must be done when an erroneous K-1 is issued (or a K-1 is not issued at all).

- You will be able to discuss how the IRS will audit partnerships with erroneous K-1s, in light of 2015 repeal of TEFRA and be mindful of anticipated changes to the K-1.

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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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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 October 26, 2017.

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).
     
  • AL CPE
     
  • This course is acceptable for 2.0 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 2.0
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

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

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CFP 2.0
     
  • The Certified Financial Planner Board of Standards, Inc. has granted 2.0 hours of continuing education credit. Level of Knowledge: Intermediate.
     
  • AL CLE 2.0
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 2.0 hours credit.
     
  • AR CLE 2.0
     
  • This course has been approved for 2.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 2.0
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 2.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 2.0
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 2.0 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • GA CLE 2.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 2.0 CLE hours.
     
  • HI CLE 2.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 2.0 CLE credit hours.
     
  • IL CLE 2.0
     
  • This course was approved for a total of 2.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 2.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 2.0 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 2.0
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 2.0 credit hours.
     
  • MT CLE 2.0
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 2.0 CLE credits.
     
  • NH MCLE 2.0
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 120 Minutes.
     
  • NJ CLE 2.4
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.4 hours of total CLE credit.
     
  • NV CLE 2.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 2.0 CLE hours.
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 2.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 2.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • TN CLE 2.0
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 2.0 hours of credit.
     
  • VT CLE 2.0
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 2.0 hours of CLE credit.
     
  • WA CLE 2.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 2.0 hours of Law & Legal Procedure credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.4
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.4 MCLE hours.
     
  • 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).
     
  • CPE 2.4 including Taxes 2.4
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.4 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.4 hours. Prerequisite: basic knowledge of general accounting. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.4 hours of continuing professional education.
     

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 2.0
     
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 format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 2.0
     
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 format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for accountants, CPAs, attorneys, CEOs, presidents, vice presidents, CFOs, controllers, financial planners, business owners, enrolled agents, and tax preparers.

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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 2017, 2018
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