| Attend upcoming webinar and earn continuing education credits. | Tax Reporting and Reconciliation of Hedge Fund and Other Alternative Investment Fund K-1s | | | | | | | | July | | | | 12 | | 3 pm - 4:30 pm ET | | | Presenters: Suzy Lee and Stacy Palmer | | | Credits: CPE, IRS EA, CLE in all states (Credit Details) | | | Can't attend live? By registering, you will be able to view the course live, view a recording at any time after the live presentation, or both. | | | Viewing Options: View on your computer, tablet, or smartphone | | | | | | | | | | | | In this practical webinar, you will learn how to accurately reconcile complex Form K-1 for hedge funds and other alternative investments and report them on a Form 1040.
For many K-1s received by taxpayers, reporting the pass-through items of income and loss is a fairly straightforward process. However, for hedge funds and other multi-fund pass-through entities, the K-1 often requires the tax preparer to refer to information from numerous footnotes. A Schedule K-1 from an alternative investment fund can easily exceed 50 pages or more, including details for individual transactions among the various funds or investments held.
These K-1s generally have important tax reporting information in the extensive footnotes following the standard page 1 boxes listing income, deductions, credits and distributions. To allocate and report items on the client's tax return, you must be able to identify the type of fund the K-1 is generated from and use information found in the footnotes to prepare an accurate and complete return for clients.
Upon course completion, you will be able to describe: - Brief background and history of hedge funds
- Overview of investor, trader, and fund of funds
- How to identify the type of K-1 you are receiving (i.e. investor fund, trader fund, fund of funds) and treatment of income and expenses from each type of hedge fund K-1
- Net Investment Income Tax - 3.8%
- Reconciliation schedule to tie Fund of Fund K-1s to tax return
- How to decipher footnotes
- Sample K-1s for each type of fund
- Impacts to hedge fund K-1s from the Tax Cuts and Jobs Act signed on December 22, 2017
| | | | | | | | | | Suzy Lee has experience in tax advisory services for a varied array of financial services companies including private equity funds, commodities and futures traders, brokerage firms, investment advisors, hedge funds, and multinational financial services organizations. She has specialized knowledge in conducting tax compliance of both partnerships and corporations with focus on engagements that have federal and multi-state compliance, tax estimate, tax planning, and consulting as components. Previously, she spent nearly 15 years with a Big Four as an Asset Management Alternative Investments Director where she served as a tax advisor to financial services companies in the private equity, hedge fund, broker-dealer, investment, and commodities areas. | | | | | | | | Stacy Palmer has over 15 years of experience in public accounting. Her career started at Deloitte where she initially worked in Internal Audit, focusing on consumer business clients and then transitioned to the Lead Tax Services group. Ms. Palmer is currently with Untracht Early, with a focus on Corporate and Individual taxation with a specialization in the financial services/hedge fund industry. She is also an adjunct professor of individual taxation at Fairleigh Dickinson University. Ms. Palmer serves on the board for the Morris/Sussex NJSCPA chapter. | | | | | | | | | | | ● Earn continuing education credit for no additional fee
● Access courses on your computer, tablet, or smartphone
● More than 75 live webinars each month
● More than 1,500 on-demand courses | | | | | | |
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