NTA2127. Deconstructing the K1 (inc. K2 and K3)

In recent years, K-1 reporting requirements have changed dramatically. Practitioners are faced with the challenge of properly reporting more and more information to partners and shareholders. This session will explore proper reporting of the various items disclosed on a Sch. K-1 by a partnership or S corporation. In addition, entities with foreign activity are required to prepare and provide new Sch. K-2 and K-3 for the 2021 tax year. After attending this session, attendees should be more comfortable with where and how to report the information that must be reported to a member or shareholder for inclusion on that individual's Form 1040.

Learning Objectives:

• Identify the various types of information reported to a member or shareholder on Schedule K-1.
• Understand how the information reported on Schedule K-1 impacts the member/shareholder's Form 1040.
• Determine when a partnership will be required to complete new Sch. K-2 and K-3.