NTA2218. Dealing with the Client Receipt of Multiple State K-1s

Use of LLCs and other passthrough entities continues to grow. Taxpayers and preparers can be overwhelmed by the volume, or may be unaware of the state income tax issues involved. This presentation will address how to handle multiple state K-1s for individuals, corporations and other pass-through entities. The discussion will cover the state treatment of passthrough entities and their owners and the necessary decisions to be made at the owner level. In addition, there will be an overview of the tools for managing the information flow.

Learning Objectives:

• Analyze the unitary theory and its application to passthrough entities and their owners
• Identify the information needed from a passthrough entity for state income tax purposes
• Determine the methods of accumulating information from multiple K-1s