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Live Webcast Replay

Forms 1065 and K-1s - IRS Throws Rocks at Hornets’ Nest

Total Credits: 2 including 2 Taxes - Technical

Average Rating:
ACPEN Industry Institute |  ACPEN Tax Institute |  IRS Approved |  Tax
Bradley Burnett, J.D., LL.M.
Course Levels:
2 Hours
Product Type:
Live Webcast Replay
Access for 30 day(s) after program date.

Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.



On proposed 2019 Forms 1065, Schedules K-1 and in related instructions, IRS is launching massive new reporting requirements re: negative tax basis capital accounts, at-risk activities, passive activities, partner level built-in gains and many more. Chaos has resulted. IRS has backed off some, but massive new disclosures remain. We can’t wait to be a deer in the headlights in tax season. We’ve got to get on this one now.


There is an update on this course - IRS Notice 2020-43.  The link for the update can be found in the materials section.


**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to



Basic Course Information

Learning Objectives
  • How partnerships (and S Corps) face the at-risk (and passive) activity reporting blues (and what to do about them)
  • Negative tax basis capital account reporting – What must be computed and disclosed (and by when)
  • Plethora of other new info required (built-in gains lying in wait, disregarded entity partners, new disguised sale reporting and more)

Major Subjects
  • 2019 Form 1065 and K-1
  • Disregarded entity partners
  • 3 year average annual gross receipts test
  • Negative capital accounts 
  • Basis in partner’s partnership interest
  • Disguised sales
  • §704(c) Built-in gains and loss
  • Aggregation of at-risk activities
  • Grouping of passive activities
  • Miscellaneous  

Course Materials


Bradley Burnett, J.D., LL.M. Related seminars and products: 20

Bradley Burnett practices tax law in Colorado. After undergraduate (Business Administration/Accounting) school and law (J.D.) school, he earned a Master of Laws in Taxation (LL.M.) from the University of Denver School of Law Graduate Tax Program. After stints at national and local accounting firms and a medium sized Denver law firm, he established his own law firm in 1990, He has delivered more than 3,300 presentations on tax law to CPAs, attorneys, EAs and others throughout all fifty U.S. states, Washington, D.C. and seven countries. Bradley served four years as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch-hit in the IRS practice and procedure field. He authors and teaches tax materials for Commerce Clearing House (CCH), has received the Illinois Society of CPAs Instructor Excellence Award and five times has been the most requested, top-rated presenter at annual state CPA tax institutes. His seminar style is briskly paced delivery of practical insights with humor. 


Sat, Dec 12, 2020 - 08:00am to 09:55am CST
Wed, Dec 23, 2020 - 09:00am to 10:55am CST

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For All 
Original Recording Date 03/05/2020
Yellow Book No
Course Developer Bradley Burnett
Date Added to Catalog 02/20/2020

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints., (972-377-8199). 

Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Instructional Delivery Method

Group Internet Based

Course Registration Requirements

Online Registration

Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 

Promo Video



Overall:      4.4

Total Reviews: 40


Pai S

"Bradley Burnett is very knowledgeable. "

Ross R - San Antonio, Texas

"Good job"

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