Preparing 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 the 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 reporting obligation and review the latest requirements concerning which entities are required to file the new schedules.
Outline
- Background
- Who is required to file Forms K-2 and K-3?
- Current year updates to Schedules K-2 and K-3
- Schedule K-2
- Schedule K-3
- Best practices
Benefits
The panel will review these and other key issues:
- Preparing additional required attachments for specified international transactions in Part I
- Current year updates to Schedules K-2 and K-3
- 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
Faculty
Andre Benayoun, J.D.
Partner - Tax & Business Services
Marcum
Mr. Benayoun is a Partner who specializes in consulting around international taxation for inbound and outbound... | Read More
Mr. Benayoun is a Partner who specializes in consulting around international taxation for inbound and outbound multinational corporations, S corporations, partnerships, and individuals and families.
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Alison N. Dougherty, CPA
Managing Member
Googolplex Tax
Ms. Dougherty provides U.S. tax reporting, compliance, consulting, planning, and structuring solutions to U.S. and... | Read More
Ms. Dougherty provides U.S. tax reporting, compliance, consulting, planning, and structuring solutions to U.S. and foreign corporations, partnerships, LLCs, individuals, and trusts. She specializes in U.S. international tax reporting and compliance with the preparation and review of the U.S. federal Forms 5471, 926, 8992, 8993, 5472, 8865, 8858, 8621, 8804, 8805, Schedules K-2 and K-3, 1116, 1118, 1042, 1042-T, 1042-S, 8832, 8833, 2555, 3520, 3520-A, 5713, 1120-F, 1040-NR, 8288, 8288-A, 8288-B, 8233, 8840, 8843, 8854, 8938, and FBAR. Ms. Dougherty has extensive experience working with U.S. businesses and individuals with outbound activities in foreign countries. She has also worked with foreign companies and nonresident individuals with inbound activities in the United States. Ms. Dougherty has significant experience with U.S. nonresident withholding tax, foreign partnership withholding tax, and FIRPTA withholding tax. She has managed U.S. tax compliance and advisory client engagements for U.S. C corporations, S corporations, partnerships, LLCs, U.S. individuals, U.S. trusts, foreign corporations, foreign partnerships, foreign LLCs, nonresident individuals, and foreign trusts.
Ms. Dougherty is a CPA and a tax attorney with more than 15 years of combined experience in public accounting, the practice of law, and corporate industry. She was previously a tax partner in a large regional public accounting firm in the Washington, DC area. Ms. Dougherty has served clients in various industries including technology, U.S. government contracting, commercial services, telecommunications, real estate, investment partnerships, commodities, high net worth individuals, and family offices. She has also served as a technical resource to other CPAs, accountants, tax professionals, public accounting firms, attorneys, and law firms.
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