New Partnership Filing Requirements

Nick Preusch
Nick Preusch
Thursday, July 30, 2020
10:00 AM PDT | 01:00 PM EDT
60 Minutes

More Trainings by this Expert   Product Id : 503215

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This webinar will look at all the changes for Form 1065 (Partnership tax returns). This year, the IRS has made several major updates.

The most important is the requirement all Schedule K-1s be reported on the tax capital basis of accounting, so partnerships that did not previously do this type of accounting for their partners will need to start now on the work to start to convert them over to the tax capital basis of account.

Several other major changes came to these forms. These include items like new grouping reporting requirements, foreign partner reporting and major changes to QBI. The other major change we will look at deals with disguised sales of partnerships.

These occur when a partners contributes property to a partnership and receives cash distributions within two years. The RIS is now requiring much more in-depth reporting of these transactions.

Failure to follow all of the new IRS reporting requirements can lead to major penalties for a client that practitioners may be responsible for paying. This could will help you get all up to date and on the lookout for the major changes this year.

Why should you Attend: The IRS has made major changes to the Form 1065s (partnership tax returns) stating in tax year 2018. For example, partners are no longer allowed to report Schedule K-1 capital accounts on a basis other than the tax capital basis.

This webinar will get you up to date on all of the major changes to these forms and things you will need to prepare these forms for the upcoming tax season. Not knowing the changes can leave you behind at the start of tax season trying to get caught up with up the changes while preparing returns.

Areas Covered in the Session:

  • Changes related to Qualified business income
  • New grouping rules for S Corps and Partnerships
  • New at risk rules
  • Foreign partner requirements
  • Disguised sales requirements
  • 1065 Schedule K-1 Changes
  • Tax capital basis accounting

Who Will Benefit:
  • CPA
  • Enrolled Agent
  • Tax Accounting
  • Accountant

Speaker Profile
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.

Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign.

Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.

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