Update and Review of the form 1099-PATRDate: Thursday, December 10, 2020
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenter(s): Nick Falk, CPA Manager Tax Services RSM, Brent Knoche, CPA Shareholder, Lindburg, Vogel, Pierce, Faris, Chartered, Eric Krienert, CPA, Partner Moss Adams, LLP Rebecca Smith, CPA, Director ClfitonLarsonAllen, LLP
Objective: Go over what is new on the 2020 form.
Review of what amounts goes into box 3, per-unit retain allocations.
Review of what amounts goes into the new box 7 Qualified payments, box 8 section 199A(a) qualified items and box 9 section 199A(a) specified service trade or business items.
Field of Study: Tax
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
No advanced preparation or prerequisites are required for this course.
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Form 1099-PATR reporting for 2020 is on the horizon again and with that comes some changes. We will go through the changes between the 2019 and 2020 form as well as discuss some new reporting for 2020 in boxes 8 and 9 . In addition we will review what is reported in box 3, per-unit retain allocations and Box 7, qualified payments.
Presenter and Moderator Bios
Nick provides tax compliance and consultation services to a variety of public sector entities. He focuses primarily on food and beverage and construction clients. He is a subject matter expert in subchapter T and section 521 cooperatives. He has both authored articles and has done speaking engagement in this area. Nick has practiced in public accounting for more than 15 years.
In his current role, Nick delivers advice and consultation regarding complex taxation matters, manages engagement teams, and prepares tax research and tax positions.
Brent Knoche is currently is a Tax Shareholder at the public accounting firm Lindburg Vogel Pierce Faris, Chartered. Brent has extensive experience as a Tax Accountant. Before moving to Hutchinson to practice as a Tax Accountant for Lindburg Vogel Pierce Faris in 2009, he practiced as a Tax Accountant at Francis S. Franke & Company, PA for six tax seasons in Kansas City, MO. He holds bachelorâ€™s degrees in Accounting and Finance earned from Fort Hays State University. Brent is also a Certified Public Accountant licensed to practice in the State of Kansas.
Eric Krienert, CPA has worked in public accounting since 1997. He is experienced in tax planning and consulting for large partnerships and corporations in the food and agriculture industries, but his specialty lies in cooperatives. He provides services related to patronage philosophy and formulating patronage allocation programs based on book, tax, and hybrid programs; equity planning; mergers and acquisitions, joint ventures, and other combinations; non-qualified equities; and domestic manufacturing deduction and taxation.
Rebecca Smith, CPA has an extensive background providing tax planning and compliance for privately held companies, serving primarily cooperatives and the agribusiness industry. She works with clients on federal and state strategic tax planning, equity planning and management, maximizing cooperative and patron benefits, business structure consulting, and provides representation before the IRS and other state taxing authorities
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