Preparing Schedules K-2 and K-3: New Domestic Filing Exception, 2023 Revisions, Reporting Foreign Activity
Recording of a 110-minute CPE webinar with Q&A
This course will discuss 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. They will review the latest requirements and updates relative to these schedules.
Outline
- Background
- Who is required to file Forms K-2 and K-3?
- Recent revisions to Schedule K-2 and K-3
- Schedule K-2: Parts I-IX
- Schedule K-3: Parts I-X
- Best practices
Benefits
The panel will review these and other key issues:
- Preparing additional required attachments for specified international transactions in Part I
- Which partnerships are eligible for the domestic entity filing exception?
- 2023 revisions 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
Faculty
John Samtoy
Tax Partner
Holthouse Carlin & Van Trigt
Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on... | Read More
Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on individuals, closely-held businesses, and hedge funds. He has particular expertise in structuring and reporting foreign manufacturing arrangements and foreign holding companies, and is experienced in foreign asset disclosure requirements, as well as foreign trust and estate reporting.
Close
Mishkin Santa, JD, LLM, TEP
Principal, Director of International Tax
The Wolf Group
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &... | Read More
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons, and trustees of trusts with U.S. grantors or U.S. beneficiaries.
