Surgent's Schedules K-2 and K-3: Preparation of Forms

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 2024 tax year, this course is an essential guide for tax preparers on how to tackle the preparation of these forms. Understanding and preparing these forms requires a basic knowledge of various international tax topics, including sourcing of income, foreign tax credit income categories, effectively connected income, and fixed, determinable, annual, or periodical (FDAP). The course includes a brief discussion of key international tax concepts, a detailed walk-through of what information is required to be reported in different parts of the schedules, and practical advice from the field. The course also includes three comprehensive case studies on how the form should be completed for operating, real estate rental, and investment partnerships.

Please note: Surgent also offers a companion course, “Schedules K-2 and K-3: Filing Requirements” (KFR2).

Course Instructor: Renata Maroney (Stasaityt

Highlights

How to read and complete Parts II and III for Foreign Tax Credit
Practical tips on how to tackle Parts IV and IX for corporate partners
How to correctly fill out Parts X and XIII for foreign partners
Comprehensive examples for operating, real estate rental, and investment partnerships with filled-in sample forms

Prerequisites

None

Designed For

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

Objectives

Identify and understand what information is required to be reported on Schedules K-2 and K-3

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by Surgent (info@surgent.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.