Integrating K-1s with Income Tax Return Preparation (INK1)

Karen E. Davis, EA, Edward A. Renn, Esq., Lance G. Weiss, CPA, CVA, Michael J. Tucker, JD, CPA (moderator)
  • 3
  • Basic
  • Taxes

Individual course: $94
Best Value: All-Star Tax Season Pass
Volume Discounts: 
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The instructions to Form 1065 now require partnerships to report each partner’s tax basis capital on their Schedule K-1 if the amount was negative at either the beginning or end of the year. All K-1’s will be on the tax basis for 2020. Additionally, the 2019 Form 1120S (as well as Form 1065) requires an S corporation to report whether it aggregated activities for Section 465 at-risk purposes or grouped activities for Section 469 passive activity purposes. This course reviews the new tax basis reporting requirements for partnerships and S corporation shareholders, as well as new issues associated with completing both Form 1065 K-1 and Form 1120S K-1.

Major Topics:

  • Partner basis reporting
  • S corporation shareholder basis reporting
  • How to comply with partner and S corporation shareholder reporting
  • Recent changes on the partnership Form 1065, S corporation Form 1120S and K-1s for both forms
  • Disclosure of additional information related to §704(c) transactions on the partnership Schedule K-1
  • Guaranteed payments split on the partnership K-1 between those for capital and those for services
  • What practitioners should know about 704(b) and 704(c)

Learning Objectives

  • Comply with new requirements regarding partner and S corporation shareholder basis reporting

Tax practitioners who anticipate preparing forms 1120S and 1065 and their attendant K-1s

A basic understanding of the tax rules relating to individual income tax




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