Info Reporting for Foreign Activities of U.S. Partnerships and Partners on Schedules K-2 and K-3 (Completed)

Not requiring the payment of tax, the Schedule K-2 (for partnerships) and the Schedule K-3 (for partners) compile the necessary items of international tax relevance so partners can report their share of various foreign items. This program will teach you the information necessary to prepare these forms for your partnership clients and their partners.

Topics Covered

• Determining who has to comply and who does not have to comply with Schedules K-2 and K-3
• Determining the sourcing of income
• Determining the foreign income tax paid
• Understanding the anti-deferral regimes (Subpart F, GILTI, and PFIC)
• Completing a sample Schedule K-2
• Completing a sample Schedule K-3

Learning Objectives

• The compliance objectives of the Schedules K-2 and K-3
• Understanding when the domestic filing exception avoids compliance

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None