Objective
- Understand how to complete the required Schedule K-1 disclosures related to §199A
- Understand how to allocate §199A relevant amounts to shareholders, partners, and trust beneficiaries
- Understand how to calculate the amounts of wages and unadjusted basis immediately after acquisition of qualified property
Highlights
- Latest guidance issued by the IRS, whether by way of regulations or administrative announcements
- Reporting requirements for all relevant pass-through entities
- Reporting for multiple activities within one entity
- Allocation of common items among multiple activities
- Section 199A Schedule K-1 reporting for tiered entities
- Calculation and reporting of qualified wages and the unadjusted basis immediately after acquisition of qualified property
- Allocation of §199A relevant amounts to beneficiaries of trusts using DNI
- How to handle separately stated items for which the status as Qualified Business Income is determined at the shareholder or partner level
- How ownership changes affect §199A reporting on Schedule K-1
- Reporting publicly traded partnership income and REIT income to the partners or shareholders
- Reporting aggregated activities
- Allocating §199A amounts to partners when special allocations have been made by the partnership
Designed For
Any tax practitioner seeking a better knowledge of the Schedule K-1 reporting requirements related to 199APrerequisite
A basic understanding of the 199A deductionAdvanced Preparation
None