K-2 & K-3 Essentials for Partnerships and S Corps

Author: Spidell Publishing, LLC

Electronic version only

Schedules K-2 and K-3 provide more clarity concerning items of international tax relevance that pass through partnerships and S corporations to partners and shareholders. Schedules K-2 and K-3 replace and clarify the reporting of certain amounts formerly reported on Schedules K and K-1 of Form 1065, U.S. Return of Partnership Income, and Form 1120-S, U.S. Income Tax Return for an S Corporation. The forms essentially replace the statements, supplemental schedules, and footnotes used in the past to report and provide partners and shareholders the information necessary to complete their returns concerning international tax provisions. This course covers filing requirements and exceptions, the activity reported on each part of the schedules, and penalties. The Schedules K-2 and K-3 issued for Form 8865, which must be filed by certain U.S. persons who own an interest in a foreign partnership, are not covered.

With this two-hour course, you will:

• Get a 15-page PDF document
• Identify filing requirements and exceptions, the information reported on each part of the schedules, and penalties

Course level: Intermediate
A detailed knowledge of partnership and S corporation taxation and/or experience at a mid-level position within an organization with operational or supervisory responsibilities, or both.

Want to order by phone? Call us at: (800) 277-2257

This self-study is designed to meet the requirements for the specified number of hours of continuing education. This self-study has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E); the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. Spidell Publishing, LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or by phone at 877-850-2832, or on the internet at www.CTEC.org.

Spidell Publishing, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 1 hour of continuing education for the California Board of Accountancy. Level: Intermediate. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. General understanding of federal income taxation is required.