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20WS-0500: Surgent's Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Friday, August 7, 2020
8:00am - 11:30am Central Time
4 CPE (4 technical)

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 subjects

  • 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 Section 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 Section 199A reporting on Schedule K-1
  • Reporting publicly traded partnership income and REIT income to the partners or shareholders
  • Reporting aggregated activities
  • Allocating Section 199A amounts to partners when special allocations have been made by the partnership

Learning objective(s)

  • Understand how to complete the required Schedule K-1 disclosures related to Section 199A
  • Understand how to allocate Section 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

Who should take this program?

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

Fees

Our records indicate you are a nonmember. If you register, you will be charged $139.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $139.00
checkmark Standard Nonmember Fee $139.00

More program information

Instructor Michael Frost, CPA
Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (4.0)
Level Intermediate
Format Group Internet Based
Sponsor Surgent
NASBA ID#: 103212
Prerequisites Prereq. A basic understanding of the §199A deduction
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.