2022 Partnership K-2 & K-3 Exceptions and Basic Filing Domestic Partnership: Little or No Foreign Activity FLEXCAST

Overview

This course presents the latest tax developments for filing partnership Schedules K-2 and K-3. IRS compliance instructions for Schedules K-2 and K-3 have changed substantially for the 2022 tax year including introducing two new exceptions to filing Schedules K-2 and K-3. Unfortunately, these new exceptions aren’t quite as tax practitioner friendly as we had hoped. And there is no transition relief from filing which we were able to leverage for tax year 2021. We’ll review and analyze these new exceptions and provide alternatives such as preparing and filing basic Schedules K-2 and K-3 and related entries for domestic partnerships or LLCs with little or no foreign activity.

Highlights

Schedule K-2 and K-3 FAQs. Tax Practitioner Planning. Form 1116 Exemption Exception.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Learn the latest IRS 2022 compliance instructions for Schedules K-2 & K-3. Review practical analysis related to the timing and other challenges of using and relying on the new K-2 & K-3 exceptions. Understand additional tax practitioner compliance exposure and added client correspondence burdens related to implementing processes for the new K-2 & K-3 exceptions. Develop effective proforma entries for preparing and filing Schedules K-2 and K-3 for domestic partnerships with little or no foreign activity to leverage your tax software and save time.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.