Schedule K-1: What is it & What Do I Do with It?
Online
2.00 Credits
Member Price $89.00
Non-Member Price $119.00
Overview
This seminar provides a comprehensive overview of Schedule K-1, which taxpayers may receive from pass-through entities such as Partnerships, Subchapter S Corporations, or Estates/Trusts. The course will cover the most common characteristics of Schedule K-1, including how to report the information on Form 1040. Attendees will also learn about the Qualified Business Income (QBI) Deduction and its reporting criteria. Additionally, relevant topics such as basis and loss limitations, material participation, and integration with the QBI deduction will be addressed, along with a discussion of proposed changes to Schedules K-2 and K-3.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Objectives
- Define the purpose and structure of Schedule K-1
- Differentiate between Schedule K-1 forms received from various entities
- Explain the application of basis limitations, loss limitations, and material participation rules
- Analyze the integration of Schedule K-1 data with the Qualified Business Income (QBI)
Deduction - Apply reporting requirements for Schedule K-1 on Form 1040
- Examine case studies to understand common challenges in reporting Schedule K-1
- Discuss the proposed changes to Schedules K-2 and K-3 and their implications
- Identify common errors and best practices for handling Schedule K-1 data
Highlights
- Overview of Schedule K-1 for Partnerships, S Corporations, and Estates/Trust
- Reporting Schedule K-1 information on Form 1040
- Basis limitations, loss limitations, and material participation rules
- Qualified Business Income (QBI) Deduction and Schedule K-1 integration
- Case studies highlighting real-world application of Schedule K-1 reporting
- Proposed changes to Schedules K-2 and K-3 for 2021 and beyond
- Best practices for avoiding errors and ensuring compliance
Designed For
CPAs, EAs, and tax professionals working with individual taxpayers receiving Schedule K-1 forms
Prerequisites
None
Preparation
None
Notice
Your webinar can be accessed via https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.
Leader(s):
Leader Bios
Mary Jane Hourani, MM, EA, NTPI Fellow, Hourani & Associates, Inc.
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant
Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms before transitioning to her own practice in 2005.
Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting.
She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow.
Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2014 as well as a speaker for several trade organizations since 2010.
Mary Jane has been a Contributing Editor and/or Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2015. She writes and compiles tax course packs used by Michigan State University Tax School. Mary Jane is an author/speaker for several national trade organizations and national CPE providers. She is a former H&R Block Instructor/Trainer.
Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $119.00
Member Price $89.00