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Friday, September 9, 2022 Live Webcast

Section 199A: Schedule K-1 Reporting by Relevant Pass-Through Entities Webinar (X1-PRK4-2022-01-WEBNR-252-01)

9:00 AM - 1:00 PM EDT
webcast

Vendor Platform

4 CPE Credits in TX

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 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.

DESIGNED FOR

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

BENEFITS

  • 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

HIGHLIGHTS

  • 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 §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

COURSE LEVEL

Intermediate

PREREQUISITES

A basic understanding of the §199A deduction.

ADVANCE PREPARATION

None

INSTRUCTOR

Michael Frost

Michael A. Frost, CPA, EA

Michael A. Frost, CPA, EA 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.

PRICING

$159.00 - Member

$179.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent