CPAR Taxes

CPAR - 2020/September, Seg. 3 - International Activities? Schedules K-2 and K-3 on the Horizon!

Looking beyond the 2021 filing season, the IRS has released draft partnership forms designed to provide greater clarity on international tax reporting. Both draft forms are comprehensive, Schedule K-2 is 20 pages and Schedule K-3 is 22 pages while both draft instructions are 25 and 11 pages, respectively. The IRS is seeking comments from stakeholders during a 60-day period, which will begin on the date of the press release. These new forms, however, aren't for the 2021 season. They go into effect for the 2021 return filed in 2022. Barbara Weltman, president of Big Ideas for Small Business, gives us further details on the new draft partnership forms and the filing requirements.

Learning Objectives:

  • Identify the purpose of the proposed new draft Schedules K-2 and K-3 for partnership returns,
  • Recognize the main issues under the new final regulations under IRC section 199A,
  • Understand the treatment of excess business losses for non-corporate taxpayers, and
  • Determine the revised depreciation limits for vehicles when IRC section 168(k) applies and when it does not.



Speaker / Author:

Barbara Weltman, President of Big Ideas for Small Business

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1473-FM

Release Date : 10/02/2020
Expire Date : 11/14/2021
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes


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