Schedules K-2 and K-3 for Partnerships and S Corporations   Updated

Schedules K-2 and K-3 provide standardized reporting of items of international tax relevance that pass through partnerships and S corporations to their partners and shareholders. Even entities with little or no foreign activity may have Schedule K-2 or K-3 reporting obligations, although several filing exceptions may apply.

This course explains when Schedules K-2 and K-3 are required, the available filing exceptions, the purpose and application of the major parts of the schedules, and applicable penalties. It also addresses current reporting requirements affecting the foreign tax credit, section 951A, section 250, and other international tax provisions. Schedules K-2 and K-3 for Form 8865 are not covered.

This course is most appropriate for professionals with detailed knowledge of partnership and S corporation taxation who may have operational or supervisory responsibilities.