The IRS recently separated Schedule K and Schedule K-1 into Schedules K-2 and K-3. The purpose is to help provide partners and shareholders better information for their reporting of international items of relevance due to the changes the Tax Cuts and Jobs Act (TCJA), specifically the changes made relating to the reporting of international tax items.
This course explores the changes the IRS made with the creation of Schedules K-2 and K-3, along with information that is reportable on the new schedules.
After completing this course, you will be able to:
- Identify the category of persons or entities that may be required to file Schedules K-2 and K-3
- Specify basic characteristics of partnership and S corporation formation structures
- Specify the parts of Schedules K-2 and K-3, and the nature of information reported on the schedules
- Identify some of the international items of relevance, reported on Schedules K-2 and K-3
