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Schedules K-2 and K-3: How to Prepare (or not) for 99% of Clients


Cost $25.00
Presentation Length 2.0 hours

Recorded DateMay 5, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

In a jolting move, IRS has made every domestic (U.S.) Form 1065 and 1120-S preparer responsible to prepare and file Schedules K-2 and K-3 (re: international) (though most often apparently not needed) or else do extensive new due diligence to sidestep filing. This course shows you exactly what to do in response.

This course is updated for December 2022 (and prior) new developments.

  • IRS has newly launched Instructions for 2022 Schedules K-2 and K-3

  • Exceptions to K-2 K-3 filing for domestic entities remain

  • But, IRS’s newly revamped filing relief carries a heavy workload

  • Partnerships (and S Corps) must now (to meet filing relief), in January 2023, ascertain whether K-2 and K-3 are needed

  • New admin burdens abound, forcing all-new admin duties on preparers

  • Newly revamped Instructions for partners receiving K-3s have also been released!

  • Is it simpler to just file K-2 and K-3 for the purely U.S. entity? Probably! If so, how do you do that?

Learning Objectives:

  • Identify how new Schedules K-2 and K-3 knock Forms 1120-S and 1065 out of orbit and impose stunning new duties on 1120-S and 1065 preparers’ shoulders

  • Review how to prepare (or not) K-2 and K-3 for “U.S. financial activity only” pass-throughs (99% of our clients)

  • Demonstrate how the IRS’ all-new 2022 Draft K-2 K-3 Instructions provide new K-2, and K-3 relief (but you still have to do a lot of right things to qualify)

  • Recognize the penalties (and consequences) for both preparers and taxpayers regarding K-2 and K-3 (and K-1) for failures to report

  • State IRS guidance on avoiding trouble and penalty relief

  • Determine how every S Corp and domestic and foreign partnership must immediately concern itself with all-new Schedules K-2 and K-3

  • Summarize qualifying for and documenting one of 2 new exceptions for filing K-2 and K-3

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Bradley Burnett

Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
(720) 936-6003

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Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.

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About Our Presenter

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Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.