Event Description

Whether you are an experienced veteran or new to the industry, one of the toughest parts of being a tax practitioner is keeping up with all of the changes in tax legislation. The Keeping Up the Tax Code series takes a look at recent changes to tax law from a practitioner perspective. We don’t just hurl code sections at you without explanation. Using examples, problems, and plain explanations, we explore a mix of new tax issues and areas of the code that tend to be misunderstood in a practical and straight-forward way. In this session, we will explore filing requirements, reporting, and penalties for Schedules K-2 & K-3.

Objectives

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

State potential penalties for not filing a Schedule K-2 and K-3.

Identify potential remedies to failure to file Schedule K-2 or K-3.