94423 1

Author: Greg White

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for OTRPs
1 hour Federal Tax Updates for CTEC

The IRS recently updated filing rules on the requirement for S corporations and partnerships to file Schedules K-2 and K-3. All S corporations and partnerships must either file these forms or qualify for an exemption. Greg will cover how to quickly and efficiently file Forms K-2 and K-3 for 99% of your clients. File Forms K-2 and K-3 now for almost all your partnerships and S corporation clients.

Publication Date: February 2022

Topics Covered

  • Why does IRS want all this foreign information?
  • Dropping the Ball
  • Relief
  • Tricky Areas
  • Why is 1120S K-2 different from 1065 K-2/K-3?
  • Strategy
  • Schedule K-2 & K-3 Example


Learning Objectives

  • Recognize how to prepare Forms K-2 and K-3
  • Identify clients who qualify for exemption
  • Describe the documenting qualification for the exemption
  • Identify how many examples the IRS provides of why partners who complete F1116 would need info from entities that have no foreign activity
  • Identify the calculated amount of penalty per month per partner for failure to file
  • Identify one of the relief hurdles based on the IRS FAQs



Instructional Method

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic tax preparation experience.

Advance Preparation

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Update
  • Pre-Requisites: None
   0 Review  |  Write a review

Available Options

* Course Format:

Write a review

Your Name:

Your Review: Note: HTML is not translated!

Rating: Bad           Good

Enter the code in the box below: