The IRS has introduced new Schedules K-2 and K-3 to partnership and S corporation tax returns to standardize the reporting of foreign-related tax information. This course provides tax return preparer attendees with an overview of and introduction to Schedules K-2 and K-3, a highlight of filing requirements, a discussion of what information is required to be reported in different parts of the schedules, and tips on tackling the preparation of these forms. The course includes examples and case studies on how the form should be completed for operating, real estate rental, and investment partnerships. This course is perfectly timed for extended returns.
DESIGNED FOR
Any tax practitioner preparing or reviewing relevant partnership and S corporation tax returns for 2021
BENEFITS
- Comprehend filing requirements for Schedules K-2 and K-3
- Identify and understand what information is required to be reported
HIGHLIGHTS
- Who is required to complete Schedules K-2 and K-3?
- What information is required to be reported on different parts of these schedules?
- How to read and complete Part II and Part III for Foreign Tax Credit
- What information is required to be reported on Part IV and IX for corporate partners
- How to correctly fill out Part X and Part XIII for foreign partners
- Comprehensive examples for operating, real estate rental, and investment partnerships
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES