9442023 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

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
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