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.

Prerequisites

None

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

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