Schedules K2 & K3 - New forms for Form 1065 and 1120S. Do you need to include them with your tax returns? 1 Credit 1 Credit
Learning mode
For the
year 2021 Form 1065 and 1120-S, the IRS
has added two new schedules:Â Schedule K2
Partners' Distributive Share Items - International and Schedule K3 - Partners'
Share of Income, Deductions, Credits, etc. - International.
Attendees in this CE/CPE Tax course will learn
everything about these two new schedules.
These new
schedules are required if the partners have any items of international
relevance such as filing Form 1116 and 1118 - Foreign Tax Credit. The schedules
are intended to provide greater clarity for partners and shareholders in
computing their own income tax liability with respect to items of international
tax relevance, in a standardized format. Previously, such information has been
compiled in a variety of formats that may be difficult for partners to
translate.
IRS on
January 18, 2022, released updated instructions to the forms that make this new
requirement. Since these updated instructions came out, there has been great
confusion especially since these forms will not be available for e-filing until
the due dates of the tax returns. Schedule K-2 is 19 pages and Schedule K-3 is
15 pages. Â
In this CE/CPE webinar, we will go over the filing requirements for these schedules, how to file these forms even if they cannot be e-filed, and when it is not required to file these forms.
Key topics covered in this webinar:
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00856) | 1 CE | Approved |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00856) | 1 CE | Approved |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00920-22-O) | 1 CE | Approved |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
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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To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
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How do I earn credits through live webinars?
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
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What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
TP
I am very pleased with the classes i have taken through this instruction he is very knowledgeable and not monotone
RW
Opened my eyes to a new issue for international return clients.
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