2024 Schedules K-2 and K3 – Why Even Partnerships and S Corporations with No Foreign Activities or Members (November-22 Virtual)

TAXES

Schedules K-2 and K3 – Why Even Partnerships and S Corporations with No Foreign Activities or Members

In early 2021 the IRS posted updates to the instructions for the new Schedules K-2 and K-3 for partnerships and S corporations that pointed out that most entities with no international activities or foreign equity holders will need to provide information via these Schedules unless they obtain information from each equity holder. The IRS has followed these revisions up with new guidance related to these forms that further modify the filing rules. In this session we’ll look at the conditions under which these Schedules must be prepared by partnerships and S corporations, as well as steps that can be taken to obtain information from equity holders that may allow the entities to avoid the preparation of the forms.