The Four Dimensions of K-1 Aggregation: A Federal Overview
The current practice of K-1 reporting has led to significant complexity and risk associated with federal, state, and international reporting requirements. This includes many that practitioners understand, and others that creep up in the event of a sale of partnership asset. The authors walk through these complexities in this series of white papers.
Thomson Reuters and Crowe LLP entered into a strategic collaboration to help tax professionals address the burdensome manual work related to Schedule K-1 forms.
The authors are tax accounting specialists from Crowe:
Geralyn R. Hurd, CPA
John V. Woodhull, JD
Jonathan M. Cesaretti, JD
Kristin N. Kranich, CPA
The Four Dimensions of K-1 Aggregation: A Federal Overview
With a record of higher rates of returns and fewer public companies in which to invest, alternative investments have gained in popularity across a broad spectrum of investors. According to Institutional Investor, the alternative investment industry was nearly a $9 trillion industry in 2017 and is expected to grow almost 60% to reach $14 trillion by 2023.
The term “alternative investments” includes a wide range of non-traditional investments, including investments in venture capital, private equity, hedge funds, and other derivatives, as well as limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability companies (LLCs). Each of these investment vehicles has its own unique reporting requirements that add a measure of tax complexity for all investors. However, the focus of the following discussion will be on partnership and LLC investments and on the tax reporting that flows from the Schedule K-1 of Form 1065 issued.
It’s remarkable that while the data needed in a K-1 is fairly prescribed, the way in which this information is reported varies widely.
Read the complete white paperShare This Article
What's Trending?
Trending topics & tools for the CPA community
Pay no licensing fee for 12 months!
As the year comes to a close, it's time to evaluate your goals for next year. Set your firm up for its most profitable yet with CPACharge in your corner. Plus, sign up by December 29th and pay no licensing fee for 12 months!
The Future of Senior Health, Wealth & AgeTech
Medicarians is the home of the product creators, distributors, provider networks, plan administrators, venture investors, and innovators helping the people live longer, better lives physically, financially, and mentally. Join us April 8 - 10, 2024, at Fontainebleau, Las Vegas.
Major Security Concerns of Accounting Firms In 2024
I. IntroductionA. Exploring the Present Scenario of Cybersecurity Threat in Accounting In the accounting industry, where professionals have to deal with loads of confidential data......
Resources
Valuable information provided by our sponsors.
The Guide to Updates for Tax Season 2024
With the new 2024 tax season right around the corner, are you confident that you...
Unlock Client-Centric Success: Register Today
We are excited to invite you to our upcoming webcast, "The Future of Tax Automation:...
Free 1 CPE: How to Grow Your Practice Through Business Advisory Services!
Free CPE Webinar for Accountants, CPAs, and Bookkeepers. How to Start a CFO Service. Grow your practice...
Help clients save for retirement in 2024 and beyond
With Guideline Pro, you get tools and expertise to help guide clients to a secure...
Retire Your Way: The Solo 401 Strategy for Entrepreneurs
Join Quest President Nathan Long as he shares what makes the Solo 401k so desirable,...
CPAdirectory members have access to discounted auto and home insurance
At CPAdirectory, we think it's a good thing to provide our members with access to...
Comments (0)