This year, the IRS has made several major updates. The most important is the requirement all Schedule K-1s be reported on the tax capital basis of accounting, so partnerships that did not previously do this type of accounting for their partners will need to start now on the work to start to convert them over to the tax capital basis of account.
Several other major changes came to these forms. These include items like new grouping reporting requirements, foreign partner reporting and major changes to QBI. The other major change we will look at deals with disguised sales of partnerships. These occur when a partner contributes property to a partnership and receive cash distributions within two years. The RIS is now requiring much more in-depth reporting of these transactions. Failure to follow all of the new IRS reporting requirements can lead to major penalties for a client that practitioners may be responsible for paying. This could help you get all up to date and on the lookout for the major changes this year.
Join this session with our expert Nicholas Preusch where he will go through the drastic changes to Forms 1065 and 1120s.
Session Highlights:-
Changes related to Qualified business income
Outline the updates relating to Form 1120S and Form 1065
Determine disguised sales rules and if they apply
New grouping rules for S Corps and Partnerships
New at-risk rules
Foreign partner requirements
Disguised sales requirements
1065 Schedule K-1 Changes
Review tax capital account reporting requirements
Why you should attend:-
The IRS has made major changes to the Form 1065s (partnership tax returns) and Forms the 1120S (S Corporation tax returns) for the tax year 2018. For example, partners are no longer allowed to report Schedule K-1 capital accounts on a basis other than the tax capital basis. This webinar will get you up to date on all of the major changes to these forms and things you will need to prepare these forms for the upcoming tax season.
Who should attend:-
Advanced Preparation: None
Program Level: Intermediate
Prerequisites: None
Field of Study: Tax, Accounting
You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Nicholas Preusch
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.
Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
Edupliance is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 844- 810-1151.
PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks.
Our registration number is 138832.
Number of CPE Credits Awarded for This Course: 1.5 (Taxes - 1.0, Accounting - 0.5)
Delivery Method: Group Internet Based