Partnership Schedule K-1 - What you need to know in light of The Tax Cuts and Jobs Act!

Recorded On: 12/12/2012

Do you feel overwhelmed when your client hands you a Partnership K-1? Where do you start, what questions do you ask, and what do you need to know? What qualifies for the 20% QBI deduction? With the increasing popularity of pass through entities, it is more likely that you may be dealing with a K-1 from a partnership on your client’s tax return. We will discuss how to take the K-1 items to the 1040 Tax Return and practice points on issues such as passive and active participation, basis issues, and unreimbursed partner expenses. Included in this session are real life examples, potential hazards, and resources to keep you in compliance and help you report the K-1 correctly.

Learning Objectives: 

Upon successful completion of this course, participants will be able to:

  • - Recognize the impact of the Tax Cuts and Jobs Act (TCJA) on the Partnership K-1 and partner.
  • - Determine the appropriate Form 1040 reporting for certain K-1 line items. 
  • - Identify how information flows through to a partner under the new Section 199A - Qualified Business Income (QBI) deduction.

*At the original time of this presentation all information was accurate and up to date. Due to the continued release of forms, instructions, technical corrections and regulations, for the Tax Cuts and Jobs Act it is imperative that the webinar attendee perform their on due diligence on current information and application of this presentation.

Presented by Kathy Hettick, EA, ABA, ATP and Gene Bell, EA, ATA, CFP

IRS CE: 2 Hours/Tax Law Updates
NASBA CE: 2 Hours/Tax Law Updates

NSA ConnectED Webinar Program Level: Basic  Prerequisites: None  Advance Preparation: None  Delivery Method: Group-Internet Based

No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.

NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

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The National Society of Accountants 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.learningmaket.org.

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NSA has been approved by the California Tax Education Council to offer the above courses to go towards the annual "continuing education" requirement imposed by the state of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone at (877) 850-2832, or on the Internet at www.ctec.com.

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James Pavletich

Social Security Consultants

Jim Pavletich was employed by the Social Security Administration (SSA) from October 1973 till retirement in January 2010. Over his career he worked as a Claims Representative in all of SSA's programs assisting individuals to obtain their benefits and meet the legal requirements to qualify for those monies and Medicare insurance. Jim also spent 8 of those years in management positions and 10 years as a quality analyst and reviewer and trainer. As an analyst Jim was considered an “expert" in program requirements. These technical duties included a guarantee of compliance with laws and regulations and policies set forth by the Administration. Jim finished his career by serving 6 years as the Public Affairs Specialist (PAS) for Arizona. As a PAS Jim was the media contact point and information officer for the SSA for all media inquiries within the State of Arizona. Jim responded to contacts from radio, television and print media and was interviewed by their reporters about matters concerning Social Security. Jim conducted presentations at conferences and other public venues to provide education and information about SSA's benefits and applicant's options under the Retirement, Survivors, Disability and Medicare Programs. Jim was the Agency liaison with Federal, State and Local Government and private entities. You can Google him under “Jim" or “James" for a sample of some past events and activities.