CPE Webinars

Schedules K-2 and K3 - Why Even Partnerships and S Corporations with No Foreign Activities or Members May Need to Prepare These Forms (July 6, 2022, 10:00 AM-12:00 PM CDT)

Why Attend this Course?

On January 18 the IRS posted updates to the instructions for the new Schedules K-2 and K-3 for partnerships and S corporations that pointed out that most entities with no international activities or foreign equity holders will need to provide information via these Schedules unless they obtain information from each equity holder.

In this session we'll look at the conditions under which these Schedules must be prepared by partnerships and S corporations, as well as steps that can be taken to obtain information from equity holders that may allow the entities to avoid the preparation of the forms.

Learning Objectives:

Participants will be able to:

  • Prepare Schedules K-2 and K-3 for 2021 partnership income tax returns
  • Use information from Schedule K-3 included with a partner’s K-1 to prepare the individual return
  • Recognize situations where the penalty relief for 2021 can be applied, as well as understand penalties the IRS claims it can assert if the form is not properly completed
  • List the dates the IRS expects to allow full MeF/XML filing for Schedules K-2 and K-3 for various entity types
  • Advise clients on the use of the interim period option to attach PDFs
  • Identify partnerships and S corporation data needed by clients to prepare international tax information
  • Understand what data must be obtained from partners/shareholders for a partnership or S corporation to potentially not be required to file Schedules K-2 and K-3



  • Speaker / Author:

    Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He is also a discussion leader with Loscalzo Institute. He has been in practice for over twenty-five years, specializing in tax issues for closely held businesses and individuals.

    Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

    Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

    He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection

    Event Dates

    Details

    Course Code : ACE-19129_LZ


    Expire Date : 07/07/2022
    Credits :
    CPE 2.00
    IRS CE 2.00
    QAS 2.00

    Course Level : Update
    Course Type : Group Internet-Based
    Format Type : Webinar
    Field Of Study : Taxes


    Event Date : 07/06/2022 10:00 AM

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