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 obligation in detail.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
DESIGNED FOR
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in crypto
BENEFITS
- Understand the purpose of Schedule K-2 and Schedule K-3
- Review components of each form and the areas which will need to be completed.
- Learn about these new forms that affect partnerships and S Corporations.
- Find out when they must be filed.
- Determine which taxpayers need to complete these forms.
HIGHLIGHTS
- 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. 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.
ADDITIONAL NOTES
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