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Course Details

The K-1: How To Handle Errors And Disputes

Webinar: ID# 1020458
Recorded CD
Qty:
The K-1: How To Handle Errors And Disputes
About This Course:
This webinar is aimed at helping practitioners more fully understand the issues that need to be addressed when faced with a client who either has not received a K-1 or presents a K-1 that they believe is in error.

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. Though 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, and where state and federal laws must be considered.

In this course, 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.

Agenda

Introduction to the Issue: The K-1 Is Wrong
  • Why Doing Nothing Is Not an Option
Mastering the Four Corners of the K-1
  • Overview of What Is in the K-1
  • What Is Not in the K-1
  • Knowing What the Instructions Say
  • Examples of K-1 Problems
What Must Be Done First
  • Identify Errors and Implications
  • Review Agreements
  • Documenting Dispute and Obtaining More Information
  • Internal Resolution and Amended K-1
  • No K-1 Issued
IRS Form 8082 - Notice of Inconsistent Treatment and the 2015 Repeal of TEFRA
  • Understanding How Partnerships Are Audited by the IRS After 2015 Repeal of TEFRA
  • What Form 8082 Does and Does Not Do
  • Implications of New Audit Rules
  • No More TMPs - Who Is Your Partnership Representative
Practical Examples and Case Studies
  • Partner Identification and Classification
  • Account and Liability Issues
  • Line Item Issues
  • Unidentified Partner Issues
  • Foreign Partnership Filings (Form 8865)
About The Presenters

T. Scott Tufts, Esq.
  • Founder and executive manager of Tufts Law Firm, PLLC
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistleblowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistleblowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing “Carte Blanche” Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til Its Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?) (ABA Teleconference, August 24, 2010)
  • LL.M. degree, taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree, accounting, Florida State University
Carolyn Turnbull, CPA, MST, CGMA
  • Tax director and director of international tax services with Vestal & Wiler CPAs, in Orlando, Florida
  • Over 30 years of diverse experience dealing with complex individual, trust, partnership and corporate tax issues, including family limited partnerships, consolidated returns, multistate apportionment and allocation computations, state income and composite tax returns, state and federal tax credits, state and local sales, use and property tax issues, international tax issues, mergers and acquisitions, and estate and gift taxes
  • Recently completed a three-year term as one of 27 members of the Internal Revenue Service Advisory Council
  • Named as one of the Top 50 IRS Representation Practitioners in the April 2008 edition of CPA Magazine and one of the Top 40 Tax Advisors to Know in a Recession in the April 2009 edition of CPA Magazine
  • Active with the American Institute of Certified Public Accountants (AICPA), where she recently completed a three-year term on the Tax Executive Committee and currently serves as a presenter for Sidney Kess’ annual Individual and Corporate Tax Return Video courses and on multiple partnership and international taxation taskforces
  • Frequently speaks on a variety of individual, corporate, partnership, and international tax topics at tax seminars and in webcasts and teleconferences
  • B.B.A. degree in accounting and M.S. degree in taxation, University of Wisconsin-Milwaukee
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The K-1: How To Handle Errors And Disputes
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