Preparing New Schedules K-2 and K-3: Qualifying for Penalty Relief, Who Must File, Reporting Foreign Activity
Recording of a 110-minute CPE webinar with Q&A
This course will discuss new required Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity. Our panel of highly experienced tax specialists will explain each part of each schedule so that tax practitioners can efficiently meet this new reporting obligation and review the latest requirements concerning which entities are required to file the new schedules.
- Who is required to file forms K-2 and K-3?
- Schedule K-2: Parts I-IX
- Schedule K-3: Parts I-X
- Best practices
The panel will review these and other key issues:
- Preparing additional required attachments for specified international transactions in Part I
- Which partnerships are required to include schedules K-2 and K-3 in returns?
- Complexities in reporting funds and private equity investments on Schedules K-2 and K-3
- Correctly reporting CFC income and GILTI inclusions in Part V
- How foreign tax credits and income are recorded on the new schedules
Alison N. Dougherty, J.D., LL.M., CPA
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a... | Read More
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a significant contributor to the firm’s international tax practice. She has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. Ms. Dougherty provides outbound U.S. international tax guidance to U.S. individuals and businesses with activities in other countries. She also provides inbound U.S. international tax guidance to nonresident individuals and businesses with activities in the U.S. Ms. Dougherty has counseled U.S. taxpayers regarding the outbound formation, capitalization, acquisition, operation, reorganization, and liquidation of foreign companies. She has significant experience with U.S. federal nonresident tax withholding, foreign partner tax withholding, and FIRPTA withholding. She works closely with nonresident individuals and businesses regarding inbound U.S. real property investment. Additionally, Ms. Dougherty has assisted U.S. taxpayers with IRS amnesty program disclosures of offshore assets and foreign accounts.Close
Dina A. Wiesen
Managing Director, National Tax Office, Passthroughs
Ms. Wiesen specializes in partnership taxation, specifically the use of partnerships and limited liability companies in... | Read More
Ms. Wiesen specializes in partnership taxation, specifically the use of partnerships and limited liability companies in domestic and cross-border mergers and acquisitions and restructurings. She joined Deloitte Tax LLP’s National Tax Office from Cadwalader, Wickersham & Taft LLP where she was an associate in the Tax Department, focusing on matters relating to the taxation of financial instruments and derivatives.Close
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