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Update on Schedules K2 and K3 Issues: How Do Advisers Handle These Forms and Filings? (D0-E2208384)

125 Minutes
On demand - Video

On Demand - Video

OVERVIEW

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.

DESIGNED FOR

All Tax practitioners

BENEFITS

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.

HIGHLIGHTS

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?

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

Edward Zollars

Edward K. Zollars, CPA

Tax and Technology Partner

Thomas Zollars & Lynch, Ltd.

Ed is a partner with the firm of Thomas, Zollars & Lynch, Ltd, in Phoenix, Arizona. He specializes in tax issues for closely held businesses and individuals. He has served on committees with the American Institute of CPAs' (AICPA) Tax Section and currently serves on the Arizona Society of CPAs' (ASCPA) legislative tax liaison committee. Ed has published tax podcasts on tax matters and is currently producing the weekly audio and video for the Current Federal Tax Developments podcast on current tax matters for Kaplan Financial Education and the related blog with regular tax updates throughout the week. Along with writing, editing and presenting courses for the past 14 years, Ed has written articles published in Practical Tax Strategies and The Tax Adviser. He is a frequent contributor to a number of online professional tax discussion groups, including the NJCPA Member Open Forum.

PRICING

$29.00 - Member

$49.00 - Nonmember