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

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

A live 90-minute premium CLE/CPE video webinar with interactive Q&A

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Thursday, August 3, 2023

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, July 7, 2023

or call 1-800-926-7926
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This CLE/CPE webinar will guide tax professionals in navigating partnership tax compliance issues and IRS examinations. The panel will discuss reporting requirements for international transactions, Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity, and tax planning considerations for pass-through entities.

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 reporting requirements for international transactions and implement strategies to ensure compliance.

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

For partnerships, Schedules K-2 and K-3 have been added and applied to 2021 tax years and thereafter. 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 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 reporting requirements for international transactions, 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. IRS guidance for reporting international transactions
  2. Schedule K-2 requirements and challenges
  3. Schedule K-3 requirements and challenges
  4. 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

Attend on August 3

Early Discount (through 07/07/23)

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Early Discount (through 07/07/23)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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