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 ALL 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), understand the all-new 2022 tax return K-2 and K-3 filing exceptions as to whether K-2, K-3 needed

– Forget about the ground rules for 2021’s K-2 and K-3 – Ground rules for 2022 returns are oh so different

–  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?

Topics:

1. 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
2. How to prepare (or not) K-2 and K-3 for “U.S. financial activity only” pass-throughs (99% of our clients)
3. How IRS’ all new 2022 K-2 K-3 Instructions provide new K-2, K-3 relief (but you still have to do a lot of right things to qualify)
4. Penalties (and consequences) for both preparers and taxpayers re: K-2 and K-3 (and K-1) for failures to report – IRS guidance on avoiding trouble
5. How every S Corp and domestic and foreign partnership must immediately concern itself with all-new Schedules K-2 (up to 19 pages) and K-3 (20 pages)
6. Qualifying for and documenting one of 2 new exceptions for filing K-2 and K-3
7. Recognizing and intelligently throwing in the towel on resistance when filing K-2 K-3 is required
8. Plain-English explanation behind the changes driving K-2 and K-3 and the future
9. A look at the law behind what makes K-2 and K-3 so messy for 99% of us
10. Wholly domestic examples (with filled-in forms) of how to complete K-2 and K-3 for 99% of clients

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 40 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

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.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top-rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion.  His forte’ is the candid communication of practical ideas relating to tax law.

Host: Rick Telberg

 

• Founder and CEO CPA Trendlines, Bay Street Group
• Accounting Today Top 100
• CPA Practice Advisor Top 25

Host: Sandi Leyva

 

• Founder Accountant’s Accelerator, Leyva Learning, LLC
• CPA Practice Advisor Top 25
• Most Powerful Women in Accounting