Event Description

Topics include a discussion of these Schedules newly designed by the IRS to give greater clarity for partners and shareholders in computing the U.S. tax liability with respect to items of international tax relevance. Schedule K-2 is a new attachment that takes the statement information and puts it into specific line items.  Schedule K-3 is a new attachment that takes the Schedule K-2 information and replicates it on Schedule K-3 for the partner to report.  Schedule K-2 of Form 1120S sets forth the international information on the S Corporation return. These new Schedules represent a significant improvement over the international information previously provided in the form of attached statements to prior year Schedule K-1s and will be relevant to all tax return preparers with clients with ownership interests in U.S. or foreign partnerships and S corporations, including hedge funds and other investment partnerships, that have international activities!

Designed For

Tax preparers and advisors.

Objectives

Provide tax professionals with a detailed knowledge and understanding of new K2 and K3 Schedules.

Major Subjects

Explanation of purpose of Schedules K2 & K3 Who needs to file Line by line discussion with guidance on how to complete

Prerequisites

Familiarity with IRS forms and schedules.

Instructions

None