Partnership Tax Compliance and Navigating IRS Examinations: New Reporting Requirements, Best Practices

Reporting International Transactions, New Schedules K-2 and K-3, New LB&I Initiatives, Tax Planning Considerations

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Wednesday, May 18, 2022

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Course Materials

This CLE/CPE webinar will guide tax professionals in navigating partnership tax compliance issues and IRS examinations. The panel will discuss new reporting requirements for international transactions, new required Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity, and tax planning considerations for pass-through entities in light of recent LB&I campaign initiatives.

Description

Tax compliance for partnerships and other pass-through entities has become more complex over the past year. Tax counsel must recognize the challenges of new reporting requirements for international transactions and implement strategies to ensure compliance.

Recently, the IRS released guidance for implementing new international reporting requirements for pass-through entities with global operations or foreign partners. Tax practitioners must understand the application of various international tax provisions at the partner or S corporation shareholder level to assess international transactions properly, foreign tax credit limitations, and required tax forms.

For partnerships, new Schedules K-2 and K-3 have been added for the 2021 tax year reported in 2022. Schedule K-2 is similar to the current Schedule K, and Schedule K-3 is similar to the current Schedule K-1, but both include foreign reportable items. Schedules K-2 and K-3 contain the partnership's share of recent international transactions, foreign tax credit limitation information, IRC Section 250 deduction for FDII, GILTI inclusions, and other essential information to properly report foreign income, credits, and deductions on partners' returns.

Listen as our panel of international tax experts discusses new reporting requirements for international transactions, new required Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity, and tax planning considerations for pass-through entities.

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Outline

  1. Recent IRS guidance for reporting international transactions
  2. Notice 2021-39; transition relief
  3. Schedule K-2 requirements and challenges
  4. Schedule K-3 requirements and challenges
  5. Best practices and planning considerations for tax professionals

Benefits

The panel will review these and other key issues:

  • What is the current focus of IRS examination for pass-through entities?
  • Who must file Schedules K-2 and K-3?
  • What documentation is required for specified international transactions?
  • Complexities in reporting funds and private equity investments
  • Correctly reporting CFC income and GILTI inclusions
  • Best practices for tax professionals to ensure compliance

Faculty

Blecher, Alan
Alan M. Blecher, JD
Managing Director
CBIZ Marks Paneth

Mr. Blecher has considerable experience serving high-income and high-net-worth individuals and their closely held...  |  Read More

Gupta, Ajay
Ajay Gupta
Of Counsel
Moore Tax Law Group

Mr. Gupta is a tax litigation and criminal defense attorney with extensive private practice, government, and adjunct...  |  Read More

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Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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