Schedule K-1: What is it & What Do I Do with It?

Instructor

Mary Jane
Hourani

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

Learning 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

Major Topics

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

CPE Credits Available

2 CPE

2: Taxes

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Taxes

Advanced Preparation

None

Intended Audience

CPAs, EAs, and tax professionals working with individual taxpayers receiving Schedule K-1 forms

Provider

ACPEN

Register For This Event

ASCPA Member

$ 79 79
Join
Price includes $0.00 early registration discount(s) - expires 2/2

Price includes $0.00 early registration discount(s) - expires 2/2
ASCPA Non-Member

$ 109 109

Price includes $0.00 early registration discount(s) - expires 2/2

Price includes $0.00 early registration discount(s) - expires 2/2

Your Price

Please login to register.