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 obligation in detail.

Who should Attend :  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.  All in-house and public practice
professionals involved with tax compliance and who want up-to-date information
on partnership and S corporation taxation. 

Program
Content:  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.

· Purpose of K-2s and K-3s

· IRS Guidance for Preparers and Taxpayers

· Domestic Filing Exception

· Other
Considerations

 Learning objectives:  By the end of the course, the participant should be able to:

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.