Update on Schedules K-2 & K-3 Issues: How Do Advisers Handle These Forms & Filings?

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  • Location
    • Your Computer
      Your Space
      ISCPA Self Study, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxation (2.00)
  • Vendor
    • Kaplan Financial Education
  • Level
    • Update
  • Fields of Study
    • Taxes
  • Message
    • On-Demand Details Below - SAVE THIS EMAIL

Description

This presentation was recorded on 6.24.22 and will not be updated after that date

You will have to pass a quiz in order to receive CPE credit

This program will update tax advisers on the developments that have taken place following the IRS initial posting of its initial set of frequently asked questions in February of this year and give a general overview of the requirements to file the Forms by partnerships and S corporations.  The program will also look at issues about how the preparer of a Form 1040 is to deal with information provided related to foreign tax credit matters provided on Schedule K-3s being issued to partners and shareholders.

  • Qualifies for IRS CE

Designed For

  • All practitioners who deal with S Corporation
  • All practitioners who deal with Schedules K-2 and K-3

Objectives

 

Highlights

  • What situations can require a partnership or S corporation to prepare these forms?
  • What are the exceptions to filing provided both in the instructions and in the relief announced in the FAQ?
  • How do partnerships and S corporations report foreign income from mutual funds that don’t provide a country by country breakdown of the source of income?
  • When do individuals qualify to skip preparing Form 1116 in order to claim a foreign tax credit?
  • How exactly does the information reported on Sections II and III of Schedule K-3 impact the calculation of the foreign tax credit on Form 1040?

Advanced Prep

  • Download PDF manual - view your upcoming events in "My CPE" on website

If you need this reported to the IRS for CE credit, email CPE@idcpa.org

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Leaders

Ed Zollars

Ed Zollars Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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