Fundamentals of Schedules K-2 and K-3

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.

Last Revision: March 2024

$32.00
  

Prerequisites

Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

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

CPE Facts

Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
NASBA 2 QAS Self-Study Taxes N/A 103137
CTEC 2/0 Self-Study Federal Tax Law 3038-CE-0345 3038
IRS 2 Self-Study Federal Tax Law FQTGU-T-00659-24-S FQTGU
Texas State Board of Accountancy 2 Self-Study Taxes 100429 002921
Pennsylvania State Board of Public Accountancy 1 Self-Study Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.

Other Details
Last Revision March 2024
Course Expiration The CPE portion of this course expires one year from date of purchase
DrakeCPE Course Policies and CPE Affiliations