Understanding the New Forms K-2 and K-3

Overview

Schedules K-2 and K-3 are promulgated by the IRS in order to standardize the reporting of foreign-related tax information for pass-through entities. Even pass-through entities that have no foreign activities, investments, or partners may have a reporting requirement. Schedules K-2 and K-3 for reporting partners’ income, deductions, and credits from foreign activity are now required for passthrough returns (Form 1065, 1120-S and 8858). This requirement starts with returns with a tax year that ends in 2021. This course discusses each part of these schedules and explain these new reporting obligations in detail. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• Introduction to Schedules K-2 and K-3
• Review the filing requirements
• Discuss the different parts of the schedules and what needs to be included

Prerequisites

None

Designed For

This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses.

Objectives

After attending this presentation, you will be able to...

• Recognize the purpose of Schedule K-2 and Schedule K-3
• Identify components of each form and the areas which will need to be completed
• Distinguish these new forms that affect partnerships and S Corporations
• Recall when they must be filed
• Determine which taxpayers need to complete these forms

Preparation

None