Schedule K-1: Preparation, Analysis & Interpretation

Course Description
Course Qualification
Presenter
FAQ

Course Description

Schedule K-1 is a schedule of IRS Form 1065, U.S. Return of Partnership Income. It is provided to partners in a business partnership to report their share of a partnership’s profits, losses, deductions, and credits to the IRS. You fill out Schedule K-1 as part of your Partnership Tax Return, Form 1065, which reports your partnership’s total net income.

Partnerships are so-called “pass-through” entities. Pass-through entities are called that because they don’t pay taxes, rather all income or loss, tax deductions, and tax credits are distributed—or “pass-through”—to the partners to report on their income tax returns.

Schedule K-1 is an important part of the partnership tax return process. It helps you and the IRS figure out how big your piece of the pie is in the partnership and determines each partner’s taxable income—and by extension, tax liability.

The objective of this CE/CPE Tax course is to reinforce how Schedule K-1 amounts should be reported on the tax return.

Learning Objectives

To explain Schedule K-1.
To analyze different types of K-1s (S Corps, Partnerships, LLCs, Estates, and Trusts).
To discuss the concept of "at-risk basis"
To analyze how the K-1 assists you in calculating the "at-risk basis".
To discuss common disclosures and what they mean.
To explain how Schedule K-1 amounts should be reported on the tax return.

Recommended For

This IRS-approved CE course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other tax professionals interested in understanding the specifics of Schedule K-1.

Who Should Attend?

Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Public Accountant (CPA)
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

1 General Credit for Accountant/Bookeeper
1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0953)
1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01155-22-O)
1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01155-22-O)
1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01155-22-O)
1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1 CE Credit for Certified Wealth Strategist (CWS)

Additional details

Course Level :

Basic
Credits :

1
Instructional Method :

Group Internet Based
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. 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, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Mike Mudroncik

Senior Stakeholder Liaison, Internal Revenue Service

Mike has been with the IRS since 2002 working in the Stakeholder Liaison position since 2009 and, prior to that, as a Revenue Agent, SB/SE Exam Division, in Downers Grove, IL.

Mike holds degrees in Business Administration and Accounting from Indiana University, an MBA from DePaul University and is working on completing a Master of Science in Taxation degree, also from DePaul University.

About Company

Internal Revenue Service

www.irs.gov/

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Faq

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