IRS's draft K-2 and K-3 instructions detail domestic filing exception 2 Credits
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The IRS issued Schedules K-2/K-3 for 2021 tax returns. The IRS has now issued draft instructions for the 1065 and 1120S Schedules K-2 and K-3.
Introduced beginning with the 2021 tax year, Schedule K-2 (Partners' Distributive Share Items—International) and Schedule K-3 (Partner's Share of Income, Deductions, Credits, etc.—International) replaced and supplemented reporting previously completed on Schedules K and K-1. The new schedules are used to report and to furnish partners with certain information in connection with reporting requirements relating to international tax provisions.
Tax professionals have been clamoring for more detail and clarity regarding whether corporations and partnerships must file Schedules K-2 and K-3, particularly where they have little or no foreign activity and shareholders or partners. The IRS provides such clarification in these draft instructions.
IRS changed the notification requirements from the first draft of the instructions. The partnerships/S corporations are no longer required to send notifications to their partners/shareholders by January 15, 2023.
Key topics covered in this course:
Join this CE Tax Course, we will cover the notifications that can now be included with the K-1s when they are delivered to the partners/shareholders. The response deadline for the partners/shareholders is now August 15, 2023, not February 15, 2023.
Stay tuned for when the final instructions are released. The instructions are still in DRAFT form.
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Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA
Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.
Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.
Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.
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FR
This is a great webinar for CPAs with small businesses and individual partners to understand upcoming changes in filing requirements. The speaker also explains the filing requirements for K-2s and K-3s. I love the fact that they are always adding new resources to their site to help educate people and make earning the credits easier.
BB
As an EA I needed to take this course to make sure that I was compliant with the new K-2 and K-3 rules. I was able to learn everything I needed to know and feel confident about my tax preparation. I'm glad I took this course because it was very informative.
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