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Schedules K2 & K3 - New forms for Form 1065 and 1120S. Do you need to include them with your tax returns?

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Preparer

Published: May, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • IRS updates inatructions
    4 mins
  • Schedule K-2 (1065)
    10 mins
  • Foreign tax credit
    18 mins
  • Part 2 and 3 of Schedule K-2 and K-3
    25 mins
  • What about 2022?
    39 mins

Course Description

For the year 2021 Form 1065 and 1120-S, the IRS has added two new schedules:  Schedule K2 Partners' Distributive Share Items - International and Schedule K3 - Partners' Share of Income, Deductions, Credits, etc. - International.

Attendees in this IRS Approved Online 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

The 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.

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.

Learning Objectives

  • To discuss Schedules K-2 and K-3.
  • To analyze when Schedules K-2 and K-3 need to be filed.
  • To inspect what should be done before Schedules K-2 and K-3 can be e-filed.
  • To analyze when Schedules K-2 and K-3 do not need to be filed.
  • To discuss relief provided by IRS Notice 2021-39.

Recommended For

  • This IRS Approved CE webinar will be insightful for CPAs, EAs, AFSPs, CTECs, Tax Preparers, Tax Professionals, Managers, Business owners, Investors, and anyone else interested in learning about Schedules K2 & K3 for Form 1065 and 1120S.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Firm
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0856)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00920-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00920-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00920-22-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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 maintenance 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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP

Owner, Pon & Associates

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. 


About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.4

93 Ratings

Excellent

49

Very Good

35

Average

9

Poor

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TP

Tami Patterson, CRTP

May 28th, 2022

I am very pleased with the classes i have taken through this instruction he is very knowledgeable and not monotone

RM

Robin Michaelson, EA

Aug 16th, 2022

Overall this was a good introduction to the new forms

HH

Howard Herzberg, CPA (US)

Jul 15th, 2022

Excellent, provided good examples, very knowledgeable

AL

Angela Lohrey, CPA (US)