K-1 Preparation demo

What the demo shows

Prepares and checks partner K-1, K-2 and K-3 packages from fund books for fund tax teams

Seven agents prepare every partner's K-1 from the fund's books. A Books agent pulls capital statements, the trial balance and the investor register and rejects any file with a missing partner ID. An Allocation agent applies the LPA's allocation method to every partner and box, and where the administrator and the LPA differ (proration or interim closing on a transfer) it computes both and waits. A K-3 agent reads portfolio documents in their own language beside the English, assigns country codes and caps creditable tax at the treaty rate. A Tie-out agent recomputes every K-1 on its own and ties it to Schedule K, M-2, K-2, the capital statements and the custodian's wires, explaining each difference. A Partner data agent checks forms, TINs, section 1446 withholding and state elections; an Inquiry agent drafts LP answers from the LP's own K-1 in its language; a Release agent posts to the investor portal only after the tax partner releases. The person works each partnership as partner rollforward rows, one row per partner from beginning to ending capital, every column labeled with its K-1 box. The tax senior prepares, the tax manager reviews and the tax partner releases.

Transcript

1. 0:00K-1 Preparation prepares and checks partner K-1, K-2, and K-3 packages from fund books for fund tax teams.
2. 0:13K-1s are due March 15th.
3. 0:16One late or wrong can cost $340.
4. 0:22Each partner's capital rolls forward in one row, tied to its K-1 boxes.
5. 0:29Brazilian income was read in Portuguese, beside the English, cited to the page.
6. 0:37The tie-out agent explains the one row that does not tie.
7. 0:42Nadia accepts, then fixes four transfer rows in one action.
8. 0:48She confirms the partner data agent's proposals and sends the batch.
9. 0:54Manager Marcus failed reviews with a reason code, never his own work.
10. 1:01Tax partner Alan Reyes releases Wave 1 for March 1st.
11. 1:07Agents never release. Every figure cited, every decision signed, every step logged.
12. 1:151,041 K-1s, out 44 days sooner than last year.
13. 1:23Build on Botminds, agents, data, screens, and governance on one platform.

Transcribed from the film’s narration. Captions are on the player.