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

Wednesday, July 20 9:00am - 11:00am

(Check-In 9:00am)

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2.00 Credits

Member Price $59.00

Non-Member Price $79.00

Overview

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.

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?

Designed For

All tax practitioners

Leader(s):

Leader Bios

Edward Zollars

Edward K. Zollars, CPA

Edward K. Zollars, licensed as a CPA in Arizona, is in public practice in Phoenix, Arizona, as a partner with the firm of Thomas, Zollars & Lynch, Ltd. He specializes in tax issues for closely held businesses and individuals. He has served on committees with the AICPA Tax Section and currently serves on the Arizona Society of CPAs legislative tax liaison committee.

Ed has published tax podcasts on tax matters, currently producing the weekly audio and video Current Federal Tax Developments podcast on current tax matters for Kaplan Financial Education and the related blog with regular tax updates throughout the week.

Along with writing, editing, and presenting courses for the past 14 years, Ed has written articles published in Practical Tax Strategies and The Tax Adviser. He is a frequent contributor to a number of online professional tax discussion groups, starting as the Sysop of the AICPA’s Accountants Forum on CompuServe in the 1990s.

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Non-Member Price $79.00

Member Price $59.00