Schedules K-2 and L-3: Preparation of Forms
Overview
Many partnerships and S corporations are now required to complete the voluminous Schedules K-2 and K-3 to report foreign-related tax information. Updated for the 2023 tax year, this course is an essential guide for tax preparers on how to tackle the preparation of these forms. Understanding and preparing these forms requires a basic knowledge of various international tax topics. The course includes a brief discussion of key international tax concepts, a detailed walk-through of what information is required to be reported in different parts of the schedules, and practical advice from the field. The course also includes three comprehensive case studies on how the form should be completed for operating, real estate rental, and investment partnerships. Please note: Surgent also offers a companion course, “Schedules K-2 and K-3: Filing Requirements”
Highlights
- How to read and complete Parts II and III for Foreign Tax Credit
- Practical tips on how to tackle Parts IV and IX for corporate partners
- How to correctly fill out Parts X and XIII for foreign partners
- Comprehensive examples for operating, real estate rental, and investment partnerships with filled-in sample forms.
Prerequisites
None
Designed For
Any tax practitioner preparing or reviewing relevant partnership and S corporation tax returns for 2024
Objectives
Identify and understand what information is required to be reported on Schedules K-2 and K-3
Leader(s):
Leader Bios
Michael Reilly, Surgent McCoy Self Study
Michael E. Reilly, CPA, is a sole practitioner with offices in West Chester, PA. He is also a licensed insurance agent. In addition to maintaining his practice, Mr. Reilly has been an adjunct professor at several colleges and was a visiting professor of Economics and Business at Lafayette College. Mr. Reilly earned his bachelor’s degree in business administration with an accounting concentration from Temple University and his master of taxation degree from Villanova University School of Law. He also holds the Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), and Chartered Advisor for Senior Living (CASL) certifications.
Non-Member Price $120.00
Member Price $105.00