Surgent's Section 199A: Schedule K-1 Reporting by Relevant Pass-Through Entities
Overview
Section 199A is still the hottest tax topic related to the Tax Cuts and Jobs Act of 2017. The Act created new reporting requirements for relevant pass-through entities (RPEs). Each RPE is required to report the relevant data needed to calculate the 199A deduction to each recipient of 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 relevant to the new disclosure lines of Schedules K-1. This program will include the latest relevant IRS guidance.
Highlights
- The latest guidance from the IRS provided through regulations or administrative announcements
- Reporting requirements for all relevant pass-through entities
- Reporting for multiple activities within one entity
- Allocating common items among multiple activities
- Section 199A Schedule K-1 reporting for tiered entities
- Calculating and reporting qualified wages and the unadjusted basis immediately after acquisition of qualified property
- Allocating §199A relevant amounts to beneficiaries of trusts using DNI
- Handling separately stated items for which qualified business income status is determined at the shareholder or partner level
- The effects of ownership changes on §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
Prerequisites
A basic understanding of the 199A deduction
Designed For
Any tax practitioner seeking a better knowledge of the Schedule K-1 reporting requirements related to 199A
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
- Use case studies to reinforce the learning objectives
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.
Leader(s):
Leader Bios
Mike Frost
Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.
Non-Member Price $209.00
Member Price $159.00