Hot Topic Webinar: K2/K3

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Description

Hot Topic Webinar: K2/K3
IRS Program #: X9QQU-T-00951-23-O
CE: 2 IRS & 2 CTEC credits
Speaker: Darryl Brown, PhD, EA, CPA, NTPI Fellow

This course will present an introduction to Schedules K-2 and K-3, review the filing requirements, and discuss the different parts of the forms as well as the compliance requirements necessary for the domestic filing instructions. A client letter discussing the new requirements is presented as well.

Learning Objectives

Identify requirements including domestic filing exceptions for the 2022 tax year.
Understand how to read and complete Parts II and III for Foreign Tax Credit.
Understand how to prepare Forms K-2 and K-3.
Identify clients who qualify for exemption.
Describe the documenting qualification for the exemption.
Understand compliance requirements for the exemption.
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.

Contributors

Darryl Brown, PhD, EA, CPA, NTPI Fellow

As a former senior manager, with a “big six” public accounting firm, Darryl has a vast array of experience in the area of federal taxation of individuals, small businesses including partnerships and S corporations as well as large public companies (C corporations). As a former college professor, he also has an extensive background teaching, writing, and researching issues pertaining to the same areas of federal tax law including financial reporting and accounting for income taxes. Darryl is EA, CPA, an NTPI Fellow, and he frequently teaches tax courses for NAEA and an array of EA and CPA state societies.