Year two of the Schedules K-2 and K-3s is upon us, and the IRS has been updating the guidance that will apply for 2022 returns. Learn about current IRS guidance and the steps that partnerships and S corporations may want or need to take for their 2022 returns. The course will also review what is found on the forms and explain how Part II and Part III information affects foreign tax credit claims on Form 1116.
DESIGNED FOR
CPAs who work with partnerships and S corporations
BENEFITS
This course will enable participants to advise clients on steps they should take to minimize costs incurred due to Schedules K-2 and K-3 for tax year 2022.
HIGHLIGHTS
- Revised IRS instructions and guidance for the preparation of Schedules K-2 and K-3 for 2022 income tax returns
- Update on the status of the IRS domestic partnership exception notice requirement found in the initial draft Form 1065 Schedule K-2 and K-3 instructions
- Requirements for a partnership to use the Form 1116 exception, including status of the notice receipt requirement
- What is found on the Schedules and which parts may have to be completed
- How to determine if a partner qualifies for the exception to filing a Form 1116 to compute the limitation on the foreign tax credit
COURSE LEVEL
Advanced
PREREQUISITES
None
ADVANCE PREPARATION
None