23SR-0011: Schedules K-2 & K-3: Preparing Form 1116 and Other Key Forms (Virtual)
If you have questions about this event, please call us at 952-831-2707.
Wednesday, June 14, 2023
8:30am - 12:00pm Central Time
4 CPE (4 technical) | 4 IRS CE
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.
Major subjects
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Schedule K-2 and K-3 -- overview and who needs to file
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Filing exceptions, penalties and penalty relief
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Key parts of Schedules K-2 and K-3
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Four buckets of the foreign tax credit and how they differ
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How Schedules K-2 and K-3 feed into Form 1116
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Major areas of Form 1116 that are affected by Schedules K-2 and K-3
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How K-2 and K-3 feed into Form 1118 for corporations
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Form 8865 and how Schedules K-2 and K-3 affect these filers
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Relevant news on updated instructions
Learning objective(s)
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Identify situations where Schedule K-2 or K-3 must be filed for a partnership or S Corporation
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State potential fixes for failure to file Schedule K-2 or K-3
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Recognize the key parts of Form 1116 that are affected by Schedules K-2 and K-3
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Understand which taxpayers do not need to file Form 1116
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State how Form 1118 is affected by Schedules K-2 and K-3
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Identify which Form 8865 filers need to file Schedule K-2 and K-3
Who should take this program?
Tax professionals who prepare S Corporation and/or partnership tax returns
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