4.00 CPE Credit Hours
Schedule K-2 and K-3 reporting requirements have been challenging, to say the least. For starters, you have confusing guidance on who needs to file and who qualifies for relief from stiff penalty provisions. In addition, you need to know how these forms change the calculation of foreign tax credit on Form 1116, how they impact Form 1118 and whether Form 8865 filers have to worry about K-2 and K-3. Plus, there are new instructions to sift through. Examine these issues and clarify how Schedules K-2 and K-3 affect the foreign tax credit calculation. Walk through examples and practical language so you understand how Form 1116 and other forms are impacted by the new requirements.
Designed For
Tax professionals who prepare S Corporation and/or partnership tax returns
Objective
- Identify situations where Schedule K-2 or K-3 must be filed for a partnership or S Corporation
- State potential fixes for failure to file Schedule K-2 or K-3
- Recognize the key parts of Form 1116 that are affected by Schedules K-2 and K-3
- Understand which taxpayers do not need to file Form 1116
- State how Form 1118 is affected by Schedules K-2 and K-3
- Identify which Form 8865 filers need to file Schedule K-2 and K-3
Highlights
- Schedule K-2 and K-3 -- overview and who needs to file
- Filing exceptions, penalties and penalty relief
- Key parts of Schedules K-2 and K-3
- Four buckets of the foreign tax credit and how they differ
- How Schedules K-2 and K-3 feed into Form 1116
- Major areas of Form 1116 that are affected by Schedules K-2 and K-3
- How K-2 and K-3 feed into Form 1118 for corporations
- Form 8865 and how Schedules K-2 and K-3 affect these filers
- Relevant news on updated instructions
Prerequisites
Basic understanding of pass-through entity and individual tax preparation recommended
Advanced Preparation
None
Developer
Minnesota Society of CPAs
Presenters
David Peters,
Level of Knowledge
Update
Course Location
Online (MN)
123 Online Lane
Online, MN 00000
Member
$209.00
Late
Registration *
$259.00
Non-Member
$259.00
Late
Registration *
$309.00
* If postmarked after 6/1/2023
AICPA Members
Receive a $30 Discount on AICPA Courses!