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K-1 Boot Camp for S Corporations and LLCs (K1SL)

Wednesday, December 27, 2017
09:00 AM - 05:00 PM (Eastern)

Debbie Phillips, M.S.T., CPA

  • Format Webinar
  • Credits 8
  • Level Intermediate
  • Field of Study Taxes (8)



Schedule K-1 has evolved into the universal correspondent of tax information to business owners. This course utilizes practical case studies and detailed cases to take a deeper look into the vastness of Schedule K-1. The course will be advantageous to those who prepare complicated federal individual income tax returns, and for those who prepare the underlying Schedules K-1 for pass-through entities. As business owners utilize trusts more and more in their estate planning, the course includes an overview of issues associated with Form 1041 Schedule K-1.

Major Topics:

  • Review of COMMON AND NOT-SO-COMMON line items on Forms 1065 and 1120S Schedules K-1
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • Numerous examples of special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Determining substantiality, with examples of “some help, no hurt” allocations
  • Advanced case for tracking a multitude of Schedule K-1 line items through Form 6251
  • Case study finding “At-Risk” hidden gains within Schedule K-1
  • Determining self-employment taxable income
  • Partners’ capital accounts and method of maintaining them
  • When sales of depreciable property are not reported on Form 4797
  • Practical case and examples of the proper allocation of recourse and non-recourse liabilities
  • Finding hidden gains within partnership/LLC Schedule K-1
  • Finding hidden gains within S corporation Schedule K-1
  • Practical look at what options taxpayers have if they receive a Schedule K-1 that includes an error
  • Reporting a partnership book loss with a tax gain
  • Allocating certain 1041 deductions other than pro-rata: the rules and the benefits
  • Special Form 1041 Schedule K-1 tax issues when a trust or estate terminates

Learning Objectives

  • Understand complicated issues of S corporation and LLC Schedule K-1 reporting issues
  • Complete a comprehensive problem related to “at-risk” recapture
  • Be familiar with common and not-so-common Schedule K-1 issues

Who should take this course:

Experienced CPAs seeking an in-depth study of these ubiquitous tax schedules

Basic knowledge of federal taxation








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