Form 1065 and Schedule K-1 - IRS Throws Rocks at a Hornets' Nest (Currently Unavailable)

Author: Bradley Burnett

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

On all-new Forms 1065, Schedules K-1 and in related instructions, the IRS is launching massive new reporting requirements re: allocation of liabilities among partners, §754 elections, negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains and many more. In this course, we’ll tackle these new disclosures and what’s behind them.

Publication Date: January 2024

Designed For
Return preparers, tax planners and taxpayers desiring to keep up with IRS’s Form 1065 Schedule K-1 reporting requirements.

Topics Covered

• 2023 Form 1065 and K-1
• Consequences of Improper or Partial Completion of Form 1065 or Schedule K-1
• Disregarded Entities
• 3 Year Average Annual - Gros Receipts Test
• Small Business Exemption
• Partnership Income Tax Law
• Capital Accounts
• Negative Capital Account Reporting
• Tax Capital Account Reporting
• IRS 2023-2024 Priority Guidance Plan Partnerships
• Disguised Sales
• Built-In Gain or Loss
• Partnership Returns - Schedule K-1 re: Foreign Tax Paid (or Accrued)
• Loss Limitation - Hurdles
• 2023 Form 1065
• At-Risk Activities

Learning Objectives

• Describe negative tax basis capital account reporting — What must be computed and disclosed (and by when)
• Describe a plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new tiered partnership reporting and more)
• Identify the type of reporting that indicates possible disallowance of loss deduction for a partner if they run out of basis
• Identify the basic computation for a partner’s capital account
• Identify the method used to compute (maintain) the ongoing tax basis capital account

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of tax preparation.

Advance Preparation
None