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IRS Schedules K-2 and K-3: Requirements in 2022

IRS Requirements for Schedules K-2 and K-3 in 2022

To report certain international income, credits, deductions and other miscellaneous items, the IRS has released the final versions of two new forms, which should be added to the tax returns of pass-through entities. For tax years beginning in 2021, if a partnership has items of international tax relevance, it must file Schedule K-2 and Schedule K-3. Schedule K-2 reports partners’ total international distributive share items, whereas partner’s share of international income, credits, deductions etc are reported using Schedule K-3.

Schedules K-2 and K-3, required for tax years 2021 onward, require partnerships, S corporations, and stakeholders in foreign partnerships to report items of “international tax relevance”. While this information has historically been required to be disclosed by reporting entities, formalization of these requirements through the Schedules has led to additional entity-level burdens. Buttressing these burdens is the expansive scope provided by the Service for the Schedules, necessitating reporting by entities without foreign activities or nonresident stakeholders. The information subject to reporting is expansive – arguably any item covered by an Internal Revenue Code international tax provision (directly or indirectly) is subject to disclosure by a reporting taxpayer.

Join us on Compliancevent this October to learn everything you need to know before filing Schedules K-2 and K-3.


What will You Learn?

-Which entities are required to file Schedules K-2 and K-3?
-What are the specific parts of Schedules K-2 and K-3 and who is required to complete them?
-What are the relief options for failures to properly complete Schedules K-2 and K-3?
-What are the retroactive relief options for stakeholders who previously did not report foreign assets?



Get Answers to

-What are the items of international tax relevance?
-What are the parts of Schedules K-2 and K-3?
-Where do requirements exist even without international activities?



Why You Should Attend

If you are a practitioner that represents reporting entities – S corporations, partnerships, and Form 8865 filers, this training will be more than beneficial for you. This program will assist in ascertaining whether Schedules K-2 and K-3 are required to be filed, and which parts require completion if so.


Who Will Benefit

Practitioners with reporting entity clients will benefit as will stakeholders in those entities (or practitioners representing those stakeholders)


You may ask your Question directly to our expert during the Q&A session.


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