2026 Schedule K-2 and K-3 (GIB)

Description

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 obligations in detail. 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.

Learning Objectives
1. Understand the purpose of Schedule K-2 and Schedule K-3
2. Review components of each form and the areas which will need to be completed.
3. Learn about these new forms that affect partnerships and S Corporations.
4. Find out when they must be filed.
5. Determine which taxpayers need to complete these forms.

To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.

A course evaluation form is provided for your feedback. Participants have 1 year from the date of purchase/enrollment to complete this course.

Our Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/