This presentation was recorded on 12.7.22 and will not be updated after that date
You will have to pass a quiz in order to receive CPE credit
As we enter year 2 of the Schedules K-2 and K-3 for Form 1065, the IRS has issued draft instructions that will provide a new set of rules that must be followed to avoid having to prepare those forms, updating last year's Question 15 exception. There will be a required notice to partners that must be issued by January 15 and, if the partnership wants to skip filing due to no partner having to file Form 1116, will need to have statements from each partner to that effect by February 15. In this session we'll discuss the status of this guidance as well as continuing Schedule K-2 and K-3 issues as we get ready to prepare 2022 partnership returns.
- Qualifies for IRS CE
- All practitioners who deal with Partnerships
- All practitioners who deal with Schedules K-2 and K-3
According to Ed Zollars, "The Form Will Still Need Attention by Most Practitioners"
The IRS on October 25, 2022, released a draft copy of the instructions for Schedules K-2 and K-3 of Form 1065 for 2022 tax returns. The draft contains a new formalized program for obtaining information from partners related to reporting on information that impacts information required to be provided to partners for possible use on Forms 1116 and 1118.
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If you need this reported to the IRS for CE credit, email CPE@idcpa.org
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.