Section 199A: K-1 Reporting by Relevant Pass. Entities Webcast [PRK4]

Sep 18, 2020
Time: 12:30pm - 4:00pm

Subject:

Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 17, 2020. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities Webcast (PRK4)

September 18th, 2020

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

Section 199A is the hottest tax topic related to the Tax Cuts and Jobs Act of 2017. The Act creates new reporting requirements for relevant pass-through entities (RPEs). Each RPE is required to report relevant data required to calculate the 199A deduction to each recipient of a Schedule K-1. Your clients will trust you to ensure that the relevant data is properly reported. The IRS has added disclosure lines to Schedules K-1 for S corporations, partnerships, and trusts. This course will cover the new reporting requirements on those forms and discuss uncertainties that still exist related to the reporting requirements. The course includes examples and case studies on completing the new disclosure lines of Schedules K-1. This program will include the latest relevant IRS guidance.

Major Topics:
-Latest guidance issued by the IRS, whether by way of regulations or
administrative announcements
-Reporting requirements for all relevant pass-through entities
-Reporting for multiple activities within one entity
-Allocation of common items among multiple activities
-Section 199A Schedule K-1 reporting for tiered entities
-Calculation and reporting of qualified wages and the unadjusted basis
immediately after acquisition of qualified property
-Allocation of 199A relevant amounts to beneficiaries of trusts using DNI
-How to handle separately stated items for which the status as Qualified
Business Income is determined at the shareholder or partner level
-How ownership changes affect 199A reporting on Schedule K-1
-Reporting publicly traded partnership income and REIT income to the
partners or shareholders
-Reporting aggregated activities
-Allocating 199A amounts to partners when special allocations have been
made by the partnership

Learning Objectives:
-Understand how to complete the required Schedule K-1 disclosures related
to 199A
-Understand how to allocate 199A relevant amounts to shareholders,
partners, and trust beneficiaries
-Understand how to calculate the amounts of wages and unadjusted basis
immediately after acquisition of qualified property

Designed For: Any tax practitioner seeking a better knowledge of the Schedule K-1 reporting requirements related to 199A

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: A basic understanding of the 199A deduction

Acronym: PRK4

Discussion Leader: Susan Smith, CPA