This program will update tax advisers on new developments on the IRS initial posting of frequently asked questions in February 2022 and give a general overview of the requirements to file the Forms by partnerships and S corporations.
All Tax practitioners
The program will look at issues with preparing Form 1040 relating to foreign tax credits from Schedule K-3 which are issued to partners and shareholders.
This program was originally presented on July 20, 2022, and the content is accurate as of this date. There is no CPE for this on-demand replay. The program is two hours, but it does not have to be watched in one sitting. Once purchased, you will have access to the recording until September 30, 2022.
- What situations can require a partnership or S corporation to prepare these forms?
- What are the exceptions to filing provided both in the instructions and in the relief announced in the FAQ?
- How do partnerships and S corporations report foreign income from mutual funds that don’t provide a country-by-country breakdown of the source of income?
- When do individuals qualify to skip preparing Form 1116 in order to claim a foreign tax credit?
- How exactly does the information reported on Sections II and III of Schedule K-3 impact the calculation of the foreign tax credit on Form 1040?