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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

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

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Conducted on Tuesday, December 17, 2024

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will guide tax professionals in navigating partnership tax compliance issues and IRS partnership 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 few years. Tax counsel must recognize the challenges of reporting requirements for international and other partnership 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.

The addition of Schedules K-2 and K-3 to partnership reporting requirements beginning in 2021 add complexity around foreign reportable items.

The IRS has shifted its focus to partnership enforcement efforts and our tax controversy experts have seen a sharp increase in partnership audits. Understanding what’s behind the shift and how it is impacting taxpayers will help tax counsel plan effectively for future audits.

Listen as our panel of partnership tax and tax controversy experts discusses changes in international reporting requirements for international transactions, how to prepare for increasing IRS enforcement, and tax planning considerations for pass-through entities.

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Outline

  1. IRS guidance for reporting international transactions
  2. Schedule K-2 and K-3 requirements and challenges
  3. Best practices and planning considerations for tax professionals
  4. Lessons learned from IRS partnership audits

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
  • Audit procedures and takeaways under the BBA

Faculty

Dimon, Matthew
Matthew L. Dimon
Associate
Fenwick & West

Mr. Dimon concentrates his practice on a wide variety of domestic and international tax matters, including both...  |  Read More

Keegan, Jennifer
Jennifer Keegan
Manager
Plante & Moran

Ms. Keegan specialize in tax controversy matters with a focus on helping clients navigate complicated IRS exam and...  |  Read More

Access Anytime, Anywhere

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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