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Digital K-1: Move forward sessions

The future of K-1s for producers and recipients: The competitive edge to a data-driven solution and the risk of standing still

The flexible nature of the partnership structure has many appealing aspects for businesses and individuals. This has created rapid growth of this structure over the past decade. However, one part that has grown along with the adoption of this entity structure is a compliance burden that has taken on a life of its own beyond the regulatory requirements. Over the past few years, Crowe has been working with industry leaders and partners to deconstruct the Schedule K-1 process, and in this unique event, we will share what we have learned and what is next.

By participating in this event, you should be able to:

  • Assess the amount of time and money spent on your K-1 efforts currently
  • Determine which elements of the K-1 process are adding value and which are not
  • Recognize the pain points being felt by producers and recipients of K-1s today
  • Articulate the future state of a data-driven K-1 process that is streamlined, cost-effective, and more efficient

For producers and recipients of K-1s, the burden of production and aggregation has taken on a life of its own during the past decade. There is a better way and you deserve a better K-1 process. The journey is underway now, so join us to find out what you need to know and how you can make an impact.

When: Dec. 8, noon-1 p.m. Eastern
Presenters: Geralyn Hurd, Josh Linkner
CPE hours: 1

A day in the life of a K-1

The K-1 process has taken on a life of its own, costing significant time and money in order to meet regulatory requirements. Worse than that, the information in the K-1s may not even be meeting the needs of producers and recipients, causing issues “downstream.” Working with the K-1 community, Crowe has broken down the process and its core value-added components and requirements, such as federal, state, and international elements, to reshape and reimagine the K-1 process. In this session, we’ll examine the structured data sets that are enabling streamlined development and adoption of K-1s, and how Crowe K-1 Advantage will change the game forever.

By participating in this event, you should be able to:

  • Outline the key stages of the K-1 process and the challenges and solutions associated with each
  • Describe core data elements around which the future streamlined K-1 data transmission will revolve
  • Recognize the integration points between producers and receivers of K-1 information

The current challenges with the K-1 process needs to be modernized. Join us for this session as we break down the model and layout the blueprints for a better one.

When: Dec. 8, 1-2 p.m. Eastern
Presenter: Nate Jones
CPE hours: 1

What the K-1 community wants

The flow-through entity is, by definition, where the “whole” must in fact be the “sum of its parts." While it seems straightforward, breaking up complex tax concepts and distributing these through various tiers to the entity's partners or investors has created challenges for both K-1 producers and K-1 recipients. This session will focus on bridging the gap and creating an understanding of challenges posed on both sides of the equation. We will share results of our industry survey and hear more from industry representatives.

By participating in this event, you should be able to:

  • Define the process and challenges for both K-1 producers and K-1 recipients
  • Identify reporting synergies needed to create a digital transmission between producers and recipients
  • Validate key challenges to overcome and steps to overcome them
  • Understand differing viewpoints and work toward resolution

By creating awareness of what is most valuable and bridging the gap between K-1 producers and K-1 recipients, we will be able to create a better K-1 process for all.

When: Dec. 8, 2:15-3:30 p.m. Eastern
Presenters: Rebecca Jordan, Niki Bencik, Tim Trifilo
CPE hours: 1

Greater IRS focus on K-1s is coming. Are you ready?

The number of partnerships has grown significantly over the past decade, and with it comes increased pressure on the IRS to increase partnership compliance and enforcement. With more detailed K-1 reporting required, new Schedules K-2 and K-3, and the expected increase in partnership audits, it is becoming increasingly important for K-1 stakeholders to find ways to reduce risk and increase the accuracy of partnership-related information. Are you ready?

By participating in this event, you should be able to:

  • Outline expected key compliance changes such as:
    • Increased complexity of IRS reporting
    • A demand for greater transparency around partnership ownership and investments
    • Increased audits under new BBA procedures
  • Explain how a standardized and accurate K-1 process can reduce risk and help more easily resolve a dispute with the IRS

The partnership structure has brought greater flexibility to businesses, tax-exempt organizations, and individuals, but it also comes with a compliance cost. Knowing what is next regarding IRS compliance and enforcement is important for both producers and recipients of K-1s. Join us for this session to hear more about what we know today and what to expect in the future.

When: Dec. 9, noon-1 p.m. Eastern
Presenters: Rochelle Hodes
CPE hours: 1

Making the digital K-1 a reality: Where we are today and where we'll be tomorrow

With increased focus by regulators and demands from the K-1 community for a better process that is streamlined and provides more accurate information, the time for change is now. This session will examine the challenges of today’s K-1 process and what solutions are being implemented now and in the near future. From the digital Crowe K-1 Exchange to standardized data schema, the issues facing the K-1 community are solvable, and working with producers and recipients, Crowe is leading the way.

By participating in this event, you should be able to:

  • Describe how a standardized approach to K-1 data sets will remove variability from the process
  • Outline the critical challenges in the K-1 process today and describe the design process being used to develop the Crowe K-1 Advantage suite of tools that will address these issues
  • Assess how your current K-1 process matches up to leading practices and if you are ready for what is next

Working together, K-1 producers and recipients have provided valuable insights into the pain points that exist in the process today. The good news is these issues are solvable, and during this session, you’ll see how.

When: Dec. 9, 1-2 p.m. Eastern
Presenter: Neal Schneider
CPE hours: 1

K-1 producers workflow demo: Shaping the future

The cost and time associated with meeting K-1 regulatory requirements have gotten out of hand. With expected increased focus and audits by regulators of partnerships, the need for accurate and timely information will be even more critical in the years ahead. Doing the same thing year after year and generating large “flat” documents will not set you and your team up for success in this digital age. In this session, we’ll explore the integration of data standardization, system-driven collections processes, and how producers are shaping the tools that will drive the more effective and efficient K-1 development process of the future.

By participating in this event, you should be able to:

  • Define the key challenges facing the K-1 producer community
  • Outline what changes will be needed to resolve key challenges
  • Establish the change management necessary to prepare for this industry step

For K-1 producers, there is a better way, and in this session, we’ll examine what that future state looks like, what you can do today to enhance your process, and how you can directly engage with the team to help shape the path ahead.

When: Dec. 9, 2:15-3:15 p.m. Eastern
Presenters: Nate Jones, Neal Schneider
CPE hours: 1

K-1 recipients VIP product tour: The K-1 Analyzer

For recipients, K-1 information is cumbersome, abstract, and difficult to process without significant human effort. Whether data is being viewed through the lens of individuals, partnerships, trusts, not-for-profits, or business returns,  the Thomson Reuters K-1 Analyzer® can help streamline, standardize, and refine the process to provide clear insight into your portfolio’s risks and reportable information. In this session, we’ll examine how recipients are using this solution to transform their review and internal processes.

By participating in this event, you should be able to:

  • Describe how K-1 recipients have used the *K-1 Analyzer over the last 10 years to improve and solve many of their challenges
  • Outline the current state of this solution and understand how it is evolving to meet the changing needs of recipients
  • Recognize how this solution fits into the broader vision for solving issues on both the recipient and producer sides of the K-1

Focused on the K-1 recipient side of the equation, this session is a must-attend for recipients looking to extract the most value in the least amount of time from their K-1 process.

When: Dec. 9, 2:15-3:15 p.m. Eastern
Presenters: Camron Momeni, Danielle Tewes
CPE hours: 1

*K-1 Analyzer is a registered trademark or trademark of Thomson Reuters. Thomson Reuters and Crowe entered into a strategic collaboration in 2019 to help tax professionals address the manual work related to K-1 forms.

K-1s will never be the same: The revolution is underway

The issues and challenges around the development of K-1s and how they are used do have solutions. During this K-1 Blue Sky Event, we’ve deconstructed the issues, outlined the solutions, and articulated the road map for implementing change. Now it is time to take action and engage in the process.

By participating in this event, you should be able to:

  • Identify opportunities for improvement in your current K-1 process today and in the year ahead
  • Describe how an integrated approach to data and development of K-1s is transforming the industry
  • Outline how to make your voice heard and use Crowe K-1 Advantage to improve your K-1 process

The challenges posed to businesses by the K-1 process are solvable. And now is the time to join us on this journey.

When: Dec. 9, 3:15-3:45 p.m. Eastern
Presenter: Geralyn Hurd

Contact us

If you have any questions about this event, contact us today.