The IRS has introduced new Schedules K-2 and K-3 to partnership and S corporation tax returns to standardize the reporting of foreign-related tax information. These new forms are applicable to almost all partnerships, even if they have no foreign activities, investments, or partners. These 20-page forms present a significant compliance challenge to both preparers and taxpayers. This course provides tax return preparer attendees with an overview of and introduction to Schedules K-2 and K-3, a highlight of filing requirements, a discussion of what information is required to be reported in different parts of the schedules, and tips on tackling the preparation of these forms.
2/22/2022 12pm - 2pm | Online | Surgent
$89.00
CPE Categories: Taxation (2 CPE)
Interest Areas: Business Taxation, Federal Taxation, Taxation
For the 2021 tax filing season, the IRS has introduced new Schedules K-2 and K-3 to partnership and S corporation tax returns to standardize the reporting of foreign-related tax information. This course provides tax return preparer attendees with an overview and introduction to Schedules K-2 and K-3, a highlight of filing requirements, a discussion of what information is required to be reported in different parts of the schedules, and tips on tackling the preparation of these forms. On February 16, 2022, the IRS issued FAQs on the scope and applicability of these new 20-page forms. We will bring you the latest news on requirements in order to keep you well informed on this potentially significant compliance challenge. Information on these new requirements is changing quickly – don’t miss out!
Any tax practitioner preparing or reviewing partnership and S corporation tax returns for 2021
None
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