CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS
Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

For the 2021 filing season, the IRS has introduced the new Schedules K-2 and K-3 for partnership and S corporation tax returns. These forms are intended to standardize the reporting of foreign-related tax information but are causing all kinds of headaches for both preparers and taxpayers. Larry Pon, CPA/PFS, CFP, EA, will provide an overview for these K-2 and K-3 forms with a focus on who is required to complete them, what information needs to be reported, and what the best practices are going to be regarding issues by the IRS.

Learning Objectives

Upon completion of this course, attendees will have an understanding of the following:

  • What’s new
  • IRS Updates and instructions
  • Who must file
  • Schedule K2 and K3 Overview
  • IRS Notice 2021-39
  • Penalties
  • Schedule K-2 (1065)
  • E-Filing System
  • Foreign Tax Credit
  • What should we do?
  • Form 1116
  • Part II & III of Schedule K-2 and K-3
  • Partnership Determination of certain items
  • Country Codes
  • Attaching certain forms to K-2 & K-3

Course Specifics

Course ID
WC1822278428
Revision Date
February 16, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01988-22-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1725
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Larry Pon CPA/PFS, CFP, EA, USTCP, AEP

Mr. Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA. Mr. Pon has been in practice since 1986 and enjoys helping his clients reach their financial goals. He frequently speaks on tax and financial planning topics to tax professionals, financial advisors, and the general public nationally. Mr. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley and MS in Taxation from Golden Gate University in San Francisco.

Schedules K-2 & K-3

CPE CREDITS
1 Credits: Taxes

$59.50


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

For the 2021 filing season, the IRS has introduced the new Schedules K-2 and K-3 for partnership and S corporation tax returns. These forms are intended to standardize the reporting of foreign-related tax information but are causing all kinds of headaches for both preparers and taxpayers. Larry Pon, CPA/PFS, CFP, EA, will provide an overview for these K-2 and K-3 forms with a focus on who is required to complete them, what information needs to be reported, and what the best practices are going to be regarding issues by the IRS.

Learning Objectives

Upon completion of this course, attendees will have an understanding of the following:

  • What’s new
  • IRS Updates and instructions
  • Who must file
  • Schedule K2 and K3 Overview
  • IRS Notice 2021-39
  • Penalties
  • Schedule K-2 (1065)
  • E-Filing System
  • Foreign Tax Credit
  • What should we do?
  • Form 1116
  • Part II & III of Schedule K-2 and K-3
  • Partnership Determination of certain items
  • Country Codes
  • Attaching certain forms to K-2 & K-3

Course Specifics

Course ID
WC1822278428
Revision Date
February 16, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01988-22-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1725
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Larry Pon CPA/PFS, CFP, EA, USTCP, AEP

Mr. Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA. Mr. Pon has been in practice since 1986 and enjoys helping his clients reach their financial goals. He frequently speaks on tax and financial planning topics to tax professionals, financial advisors, and the general public nationally. Mr. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley and MS in Taxation from Golden Gate University in San Francisco.

Schedules K-2 & K-3

CPE CREDITS
1 Credits: Taxes

Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.

$59.50