Video

  • 17 minutes

When the K-1 is Wrong - Why Doing Nothing is Not an Option

 
Did you find an error on a K-1? Do you know the top reason why doing nothing about the error is not an option … you will get caught! The practical steps to handling an error found on a K-1 include how to identify errors and the implications; review agreements; documenting dispute and obtaining more information. Review what the IRS Instructions to the Schedule K‐1 (2015) have to say about what must be done first.

In this 16-minute video our speaker, T. Scott Tufts, Esq., reviews what to do if the K-1 is in error, how to identify the errors and then think about the implications of the errors. They review the difficulties that preparers and accountants face on the front end as well.

T. Scott Tufts, Esq. is the founder and executive manager of Tufts Law Firm, PLLC. His 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. Mr. Tufts practice area also includes 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).
Runtime: 16 minutes

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.