Schedules K-2 and K-3 are promulgated by the IRS in order to standardize the reporting of foreign-related tax information for pass-through entities. Even pass-through entities that have no foreign activities, investments, or partners may have a reporting requirement. Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity are now required for passthrough returns (Form 1065, 1120-S and 8858). This requirement starts with returns with a tax year that ends in 2021. This course discusses each part of these schedules and explain these new reporting obligations in detail. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending the presentation you will be able to...
- Define the elements of negligence, the common law cause of action.
- Explain what constitutes reasonable practitioner behavior with reference to practice standards and common law.
- Ascertain how to avoid common pitfalls that could lead to the practitioner being sued.
Major Topics
The major topics that will be covered in this course include:
- Intro to digital assets
- Differences between cryptocurrency and non-fungible tokens (NFTs)
- IRS Notice 2014-12
- Tax implications of contributing digital assets
- Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs.
- Substantiating charitable contributions of digital assets
- Traps for the unwary.
