Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The IRS recently updated filing rules on the requirement for S corporations and partnerships to file Schedules K-2 and K-3. All S corporations and partnerships must either file these forms or qualify for an exemption. Greg will cover how to quickly and efficiently file Forms K-2 and K-3 for 99% of your clients. File Forms K-2 and K-3 now for almost all your partnerships and S corporation clients.
Publication Date: February 2022
Topics Covered
- Why does IRS want all this foreign information?
- Dropping the Ball
- Relief
- Tricky Areas
- Why is 1120S K-2 different from 1065 K-2/K-3?
- Strategy
- Schedule K-2 & K-3 Example
Learning Objectives
- Recognize how to prepare Forms K-2 and K-3
- Identify clients who qualify for exemption
- Describe the documenting qualification for the exemption
- Identify how many examples the IRS provides of why partners who complete F1116 would need info from entities that have no foreign activity
- Identify the calculated amount of penalty per month per partner for failure to file
- Identify one of the relief hurdles based on the IRS FAQs
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Basic tax preparation experience.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.