Understanding the K-1 Issued By the Limited Partnership or LLC
10/26/2015 Registration Date 10/26/2015
Lorman
Eliminate errors and gain a better understanding of the K-1
Eliminate errors and gain a better understanding of the K-1.
Many people know that a K-1 is used to report items of income, deductions, and loss to partners in a limited or general partnership, or limited liability partnership, or LLLP, or who are members of a limited liability company, but don’t know all of the detail that exists in a K-1. Many people who are partners or members receive a K-1 but don’t know how to closely examine the K-1 for errors, especially those commonly made. For many of those partners or members who discover that their K-1 is wrong, they may not know what to do next. While simply filing a notice of inconsistent treatment (IRS Form 8082) may seem like an easy thing to do, in fact, just the opposite is true. Careful regard must be given to the fact that a dispute has arisen, where state and Federal laws must be considered. An overall strategy is needed. This topic is aimed at helping practitioners more fully understand the issues that need to be addressed when faced with a client who comes to them with a K-1 that they believe is in error, or who have not even received a K-1. For those partners or members who receive a K-1 that they know is wrong, they must take action. Doing nothing is not an option. In this topic, you will be provided the ability to analyze a K-1, and if it is found to be in error, to then decide on an appropriate course of action, in consultation with your advisors.
LIVE WEBINAR
Webinar
October 26th
Live Webinar
October 26, 2015
1:00 – 2:40 pm EST DETAILS >>
Learning Objectives
- You will be able to review any K-1 and understand its format, each of its parts and how to interpret it.
- You will be able to identify the mistakes commonly made with a K-1.
- You will be able to evaluate evaluate what must be done when an erroneous K-1 is issued (or a K-1 is not issued at all).
- You will be able to describe whether or not a notice of inconsistent treatment using IRS Form 8082 must be filed.
Faculty
T. Scott Tufts, Esq.
Tufts Law Firm, PLLC
