Uncovering the intricacies — Schedules K-2 and K-3| Tax Section Odyssey
Resources
AICPA logo
Cart
searchSearch
search
burger
AICPA logo
  • Home
tax-section-odyssey-podcast-3000x2000
Resources

Uncovering the intricacies — Schedules K-2 and K-3| Tax Section Odyssey

8 days ago · 29 min listen

Explore the tax universe.

Subscribe to the Tax Section Odyssey podcast series wherever you listen to your podcasts and check out our library of past episodes.

In this episode

In December 2022, the IRS posted a revised draft version of the 2022 Partnership Instructions for Schedule K-2 and K-3 (Form 1065) and a similar revised version of the 2022 S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S). They were subsequently finalized.

On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA along with Tim Chan, Managing Director, Washington National Tax — Passthroughs — KPMG LLP and David Sites, National Managing Partner, International Tax Services — Grant Thornton LLP, sift through the changes between the draft instructions and dive into the particulars taxpayers need to know.

What you’ll learn in this episode

  • Who needs to file the Schedules K-2 and K-3 (2.41)

  • Domestic filing exception in the December 2022 draft instructions (5.06)

  • The two-prong test (5.47)

  • What no or limited foreign activity means (6.46)

  • How to report foreign-source income (8.33)

  • Requirement that all direct partners are US citizens/resident aliens (9.26)

  • Partner or shareholder notification (11.20)

  • Requirements for the schedules and the 1-month date (13.14)

  • Form 1116, Foreign Tax Credit (Individual, Estate, or Trust),exception (18.21)

  • Risks and penalties associated with not completing or filing required schedules (22.55)

  • Final thoughts (25.05)

Related resources

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

What did you think of this?

Every bit of feedback you provide will help us improve your experience

What did you think of this?

Every bit of feedback you provide will help us improve your experience

Mentioned in this article

Topics

Tax

Subtopics

Manage preferences

Related content