The IRS is going to require substantial ownership documentation on Forms 1120 and 1065 filed in 2009. Additionally, for Form 1065, the IRS issued revisions to Schedules B, C, and K-1. Under this new guidance, companies will be required to provide enhanced transparency with respect to their positions in affiliated companies, and how they manage transfer pricing and other related accounting issues. The new guidance also steps up the reporting requirements of partnerships requiring them to provide much more detail with respect to how much each party owns and how they report certain kinds of debt.
During this live webcast, our team of tax experts will walk you through each form helping you to understand what’s new and what’s important. To keep you on track, we’ll also walk you through some of the most significant compliance issues. Corporate tax executives and advisors need to understand how to address the challenges that come with these revisions and how to plan compliance. The Knowledge Group is assembling a panel of distinguished professionals and key regulators to help companies understand these new changes. The speakers will share their expert opinions in a two-hour LIVE Webcast.
Course Level: Intermediate
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093927
Rick Olson, C.P.A.
Tax Principal, Manufacturing and Distribution
Manager, Passthroughs, National Tax Office
Glenn E. Dance
National Tax - Joint Venture & Partnership Tax Services
Andrew W. Ratts
Rick Olson, C.P.A., Tax Principal, Manufacturing and Distribution, LarsonAllen LLP
- Ownership Reporting, Form 1120, Schedule K -
- Learning objectives
- Understand the:
- Reporting requirements
- Definition of constructive ownership
- Identify compliance issues
- When are the requirements applicable?
- What is to be reported?
- By the numbers (line numbers)
- Constructive Ownership Defined / Examples
- Between the Lines - Issues
Glenn E. Dance, National Tax - Joint Venture & Partnership Tax Services, Ernst & Young LLP
** Speaker Agenda to be added soon.. **
Colleen McHugh, Manager, Passthroughs, National Tax Office, Deloitte Tax LLP
Form 1065 Schedule K-1 Item J
- Determination of partner's shares of profits, losses, and capital
- IRS FAQ
- Inconsistency between instructions and IRS FAQ - instructions state that total percentage in each category must equal 100% and IRS FAQ state that the total
percentage can equal 0%
- IRS had indicated the use of section 704(b) capital accounts is "gold standard" but they acknowledge that other basis (i.e., GAAP) may be appropriate
- What if there is a change in ownership during the year?
- Cannot show "various"
- What if there is a change in the reasonable method used to calculate the ownership percentages?
Andrew W. Ratts, Partner, Winston & Strawn LLP
- Changes to Schedule B -- uses of additional information requested
- New Schedule C -- uses of additional required disclosure
- Corporate tax Executives
- Tax Adivsors / Consultants
- Tax Attorneys
- Senior Corporate Executives
- Tax Compliance Officers
This is a must attend event for corporate tax executives/ advisors to hear and better understand the latest developments surrounding Form 1120 and Form 1065.
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A