Understanding Partnership Taxation - Schedules K-2 & K-3

Overview

The Schedule K-2 & K-3 reporting requirements have been challenging for many practitioners. Confusing guidance on who needs to file and relief from stiff penalty provisions are only half the battle. How do these forms change the calculation of the foreign tax credit on Form 1116? What about the Form 1118? Do Form 8865 filers need to worry about Schedule K-2 & K-3? In this course, we will explore these questions and how the Schedule K-2 and K-3 affect the foreign tax credit calculation. Using examples and plain language, we will show how forms, like Form 1116 and others, are impacted by the new requirements.

Highlights

• Who needs to file?
• Additional Filing Exception
• 2021
• What if there are no foreign activities?
• Foreign Tax Credit Overview
• Domestic Filing Exception
• Schedule K
• 2/K
• 3 Parts Overview
• Form 1116 Overview
• Comprehensive Examples
• Form 1118 Overview
• Form 8865 Overview
• Penalties & Remedies

Prerequisites

Basic understanding of pass-through entity and individual tax preparation

Designed For

Tax practitioners who prepare S-Corporation & Partnership tax returns

Objectives

• Identify situations where a Schedule K
• 2 or K
• 3 must be filed for a partnership or S
• Corporation
• State potential remedies to failure to file Schedule K
• 2 or K
• 3
• Recognize the key parts of Form 1116 that are affected by Schedule K
• 2 & K
• 3
• Recall which taxpayers do not need to file Form 1116
• State how Form 1118 is affected by Schedules K
• 2 & K
• 3
• Identify which Form 8865 filers need to file Schedule K
• 2 & K
• 3

Preparation

None

Notice

This is a self-study/on demand course offered by a 3rd party vendor. Course access information will be emailed directly to you by Peters Professional Education (PPE). The course expires one year from the purchase date.