If you've struggled with getting the information from your client's entity investments onto their Form 1040, this session is for you. Our clients are investing in ever more complex and non-standard investment products. Many of these investments pass through the tax attributes to the investors. Whether it's a trust, S corporation, regular partnership, or one that's publicly traded, accurately integrating the data into the individual return is essential. After a review of basic concepts, emphasis will be placed on publicly traded partnerships, widely held fixed-income trusts, oil-royalty trusts, and the special attention needed to integrate the tax reporting information into Form 1040. Additionally, we will look at deconstructing hedge fund K-1s; case studies will be used to illustrate the movement of data from the K-1 through tax software to the 1040. Practical tips on working with tax preparation software will be also provided. In this interactive course, participants will be able to share their suggestions for working with both the tax data and their clients who invest in complex structures. This course is certain to increase your proficiency in helping clients with their non-traditional investments.
After completing this course, you will be able to:
- Identify key concepts related to most pass-through investments
- Recognize how to integrate the information from the K-1 to the Form 1040
- Apply practice tips for working with clients and obtaining needed information
- Utilize examples to understand reporting income and expenses and tracking basis
- Apply online resources, depletion calculators, and other useful web-based tools
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