Demystifying Schedule K-1
This seminar will focus on Schedule K-1 that a taxpayer may receive from a pass-through entity, Partnership, Subchapter S Corporation, or an Estate/Trust. It will detail the most common characteristics of the Schedule K-1 and how to report them on the Individual Income Tax Form 1040. QBI, Qualified Business Income Deduction, will be covered along with the reporting criteria. Discussion of relevant basis and loss limitations will also be addressed in this seminar as well..
Objectives:
1. Define what a Schedule K-1 is.
2. Distinguish the differences between Schedule K-1 received from different entities.
3. Discuss the application of Basis Limitation, Loss Limitations and Material Participation.
4. Review the integration with the QBI (Qualified Business Income Deduction).
5. Examine several case studies.
Mary Jane Hourani has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms before transitioning to her own practice in 2005.
Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting.
She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow.
Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2014 as well as a speaker for several trade organizations since 2010.
Mary Jane has been a Contributing Editor and/or Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2015. She writes and compiles tax course packs used by Michigan State University Tax School. Mary Jane is an author/speaker for several national trade organizations and national CPE providers. She is a former H&R Block Instructor/Trainer.
Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
IRS Approval: HGQT7-T-00176-26-O
