Course Description

The Schedule K-2 & K-3 reporting requirements have been challenging for many practitioners. Confusing guidance on who needs to file and relief from stiff penalty provisions are only half the battle. How do these forms change the calculation of the foreign tax credit on Form 1116? What about the Form 1118? Do Form 8865 filers need to worry about Schedule K-2 & K-3? In this course, we will explore these questions and how the Schedule K-2 and K-3 affect the foreign tax credit calculation. Using examples and plain language, we will show how forms, like Form 1116 and others, are impacted by the new requirements.

Learning Objectives

  • Identify situations where a Schedule K-2 or K-3 must be filed for a partnership or S-Corporation

  • State potential remedies to failure to file Schedule K-2 or K-3

  • Recognize the key parts of Form 1116 that are affected by Schedule K-2 & K-3

  • Recall which taxpayers do not need to file Form 1116

  • State how Form 1118 is affected by Schedules K-2 & K-3

  • Identify which Form 8865 filers need to file Schedule K-2 & K-3

Additional Required Materials

  • Level: Update

  • Field of Study: Taxes (NASBA); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners who prepare S-Corporation & Partnership tax returns

  • Required Knowledge: Basic understanding of pass-through entity and individual tax preparation

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.