Forms K-2 & K-3: Theoretical & Practical Overview

Instructor

Alexander
August
Instructor

Keith
Hayden

Please join us for an overview of the Forms K-2 & K-3 that were largely new for the 2021 tax year. Forms K-2 & K-3 are created at the S Corporation/Partnership level, to report international transactions, and then are used by the individual shareholders/partners for reporting on their personal 1040s. This is vital information for any S Corporation or Partnership tax member and all tax preparers who have 1120Ss, 1065s, and/or 1040s with some level of international component.

Learning Objectives

Gain an understanding of K-2s & K-3s and know your way around the practical completion of the forms. As time allows, may also cover sourcing rules to determine whether a transaction is domestic-sourced or foreign-sourced.

Major Topics

Form K-2s and K-3s
General Discussion Form K-2s and K-3s
Practical Implementation on 1065s, 1120Ss, and 1040s Sourcing of transactions (as time allows)

CPE Credits Available

1 CPE

1: Taxes

Things to Know About This Course

Course Level

Update

Prerequisites

No explicit prerequisites, but any attendee who has dabbled in K-2s and K-3s since the start of 2022 will have a leg up. It will not hurt to have their own tax software and the Forms K-2 & K-3 available.

Advanced Preparation

None

Intended Audience

CPAs, EAs with clients with any international tax exposure. Any individual who prepares their own taxes and has international investments may also be interested.

Provider

ACPEN