If you missed the NJCPA’s K-2/K-3 update, you can watch a replay. The content is accurate as of the original date presented, Dec. 15, 2022. There is no CPE for this on-demand replay.
CPAs who work with partnerships and S corporations
This course will enable participants to advise clients on steps they should take to minimize costs incurred due to Schedules K-2 and K-3 for tax year 2022.
- Revised IRS instructions and guidance for the preparation of Schedules K-2 and K-3 for 2022 income tax returns
- Update on the status of the IRS domestic partnership exception notice requirement found in the initial draft Form 1065 Schedule K-2 and K-3 instructions
- Requirements for a partnership to use the Form 1116 exception, including status of the notice receipt requirement
- What is found on the Schedules and which parts may have to be completed
- How to determine if a partner qualifies for the exception to filing a Form 1116 to compute the limitation on the foreign tax credit