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Instructor
Brad Burnett
Instructor
On 01/18/22, IRS dropped a proverbial bomb on the tax world blowing the 2021 Form 1065 out of orbit.
In a jolting new move, IRS has made every domestic U.S. Form 1065 preparer responsible to prepare and file Schedules K-2 and K-3 (re: international) (though 99% of the time not relevant) or else do massive new due diligence to sidestep it.
This course shows you exactly what to do in response.
How to Prepare (or Not) K-2 and K-3 for 99% of Clients
1. How every domestic (and foreign) partnership must immediately concern itself with all-new Schedules K-2 and K-3
2. How to perform due diligence to avoid completing the lengthy (39 pages) Schedules K-2 and K-3
3. Why all of the fuss? What’s the real reason for K-2 and K-3 to begin with?
4. How the foreign tax credit (FTC) (whether sourced from a partnership or not) plays in to all of this
5. What exactly are “items of international tax relevance”
6. The effect of K-2 and K-3 on the timing available to file Form 1065
7. How Forms 1065, 8865 and 1120S are all affected
8. How IRS amended the 1065 Instructions without amending the 1065 Instructions
9. How IRS changed the rules on 01/18/22 to drag every partnership into the fray
10. How you must have expertise to meet the 2021 K-2 and K-3 filing exception
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