New Schedules K-2 and K-3: International Tax Compliance and Reporting (Currently Unavailable)

This course will offer a one-hour overview of the new forms K-2 and K-3, which are fairly new and complex Partnership Reporting of Foreign Items. This is an intermediate level international tax reporting course, and will assume that the attendee has knowledge of fundamental U.S. international income tax law and rules. Please read IRC Sections 951, 951A, 958, and 267 prior to taking the course.

Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity is 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 will discuss each part of these schedules and explain these new reporting obligation in detail. 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 passthrough entities that have no foreign activities, investments, or partners may have a reporting requirement. This course will present an introduction to Schedules K-2 and K-3, review the filing requirements, and discuss the different parts of the schedules and what needs to be included.

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 will discuss each part of these schedules and explain these new reporting obligations in detail.