Surgent's Section 199A: Schedule K-1 Reporting by Relevant Passthrough Entities

Thursday, June 10, 2021
Webcast or Webinar, Online
9:00 AM - 12:30PM (opens at 8:30 AM) EST
4Credits
Technical Business

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$139.00 Regular Price
Non-Members
$199.00 Regular Price
Course Type: Webcast
Course Code: 21/SUPRK401
Level: Intermediate
Vendor: Surgent
Field of Study: Taxes

Overview:

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 passthrough 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.

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

Major Topics:

  • Latest guidance issued by the IRS, whether by way of regulations or administrative announcements
  • Reporting requirements for all relevant passthrough 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

Designed For:

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

Prerequisite:

A basic understanding of the 199A deduction