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 but don't know all of the details that exist in a K-1. Many may not be on top of the subtle changes being made to the K-1 over the years and the latest effort to add a K-2 and K-3 to the information return filings. Often, partners or members who receive a K-1 do not know how to 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, just the opposite is true. Careful regard must be given to the fact that a dispute has occurred and where state and federal laws must be considered. An overall strategy is needed. This topic will help practitioners fully understand the issues that need to be addressed when faced with a client who comes to them with a K-1 they believe is in error or they 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, and those advising them must know whether new audit rules apply (i.e., under the new audit procedures in place as a result of the 2015 Bipartisan Budget Act (BBA)). With the IRS' most recent change in 2020 requiring tax basis capital accounts on the K-1 (as opposed to GAAP or 704(b) book), there are even more ways by which a K-1 will be in error. Doing nothing is not an option. You will be provided the ability to analyze a K-1, and if it is found to be in error, then decide on an appropriate course of action in consultation with your advisors. To do so, you will want to consider recent changes in the tax law and anticipate changes to the K-1. The latest developments will also be discussed.
Agenda
Faculty
T. Scott Tufts, Esq.
CPLS, P.A.
- Senior tax counsel, CPLS, P.A.
- 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 (whistle-blowers), 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), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax-exempt or employee plan)
- Conducts regular seminars and workshops on areas focused on whistle-blowers 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 It’s 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); and “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 in taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
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