Schedules K-2 and K-3: Preparation of Forms
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Virtual
2.00 Credits
Member Price $109.00
Non-Member Price $189.00
Overview
You could pay $0 for this course!
This course qualifies for EA/IRS and CFP credit. If you need EA/IRS credit, please contact Tyler Dion (tdion@masscpas.org) after you have registered and provide him your PTIN number.
Many partnerships and S corporations are now required to complete the voluminous Schedules K-2 and K-3 to report foreign-related tax information. Updated for the 2024 tax year, this course is an essential guide for tax preparers on how to tackle the preparation of these forms. Understanding and preparing these forms requires a basic knowledge of various international tax topics, including sourcing of income, foreign tax credit income categories, effectively connected income, and fixed, determinable, annual, or periodical (FDAP). The course includes a brief discussion of key international tax concepts, a detailed walk-through of what information is required to be reported in different parts of the schedules, and practical advice from the field. The course also includes three comprehensive case studies on how the form should be completed for operating, real estate rental, and investment partnerships. Please note: Surgent also offers a companion course, "Schedules K-2 and K-3: Filing Requirements" (KFR2).This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-8749. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.
Highlights
How to read and complete Parts II and III for Foreign Tax Credit Practical tips on how to tackle Parts IV and IX for corporate partners How to correctly fill out Parts X and XIII for foreign partners Comprehensive examples for operating, real estate rental, and investment partnerships with filled-in sample forms
Prerequisites
None
Designed For
Any tax practitioner preparing or reviewing relevant partnership and S corporation tax returns
Objectives
Identify and understand what information is required to be reported on Schedules K-2 and K-3
Preparation
None
Leader(s):
Leader Bios
Arthur Auerbach, Surgent McCoy CPE LLC
Arthur Auerbach, CPA, is a tax director for Goodman and Company of McLean, VA, specializing in tax consulting and financial planning for individuals and closely held businesses. He is a member of the Virginia Society of Certified Public Accountants, and the Greater Washington society of Certified Public Accountants. He is currently a member of the AICPA Individual Tax Resource Panel, a tax commissioner liaison committee member of the Virginia Society of Certified Public Accountants, and also serves as a member of the Advisory Board for the District of Columbia Office of Tax Revenue. Additionally, he is a nationally recognized lecturer on a variety of tax topics for the continuing education requirement for CPAs. Over the course of 40-plus years, Mr. Auerbach has managed a tax department, and has taught intermediate and cost accounting at Pace University as an adjunct professor. He was an editor for the Tax Research Institute of America. He has also authored several articles for trade association periodicals and he has recently appeared on television evening news programs, answering various tax questions. Mr. Auerbach holds a BBA degree in accounting from Pace University in New York.
Non-Member Price $189.00
Member Price $109.00