Surgent's Schedules K-2 and K-3: Filing Requirements

Overview

Many partnerships and S corporations are now required to complete the voluminous Schedules K-2 and K-3 to report foreign-related tax information. Updated for the 2023 tax year, this course is an essential guide for tax preparers on how to identify which entities need to complete these schedules and how to identify which parts are applicable to a given taxpayer. The filing requirements are broad and often not very intuitive, catching many practitioners unaware that more schedules and parts are applicable to more taxpayers than anticipated. This course includes a deep dive into the domestic filing exception, as well as a discussion of filing requirements of each part of Schedule K-2.

Please note: Surgent also offers a companion course, “Schedules K-2 and K-3: Preparation of Forms” (KPF2).

Highlights

• IRS goals in requiring these schedules
• Detailed discussion of the domestic filing exception for 2023 tax year
• Filing requirements and exceptions for every part of Schedules K-2 and K-3
• Examples based on client situations encountered in practice

Prerequisites

None

Designed For

Any tax practitioner preparing or reviewing relevant partnership and S corporation tax returns for 2023

Objectives

• Understand filing requirements for Schedules K-2 and K-3
• Identify what parts of Schedules K-2 and K-3 need to be completed

Preparation

None