Event 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.

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