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K2/K3- New Reporting for S-Corporations and Partnerships
- What is the K2/K3
- How does this compare with prior requirements
- Exemptions from issuing the schedules
- Potential penalties for not issuing when you should have
- Is it simpler to just issue the schedules rather than apply the exemptions?
- Filling out the schedules for the overwhelming majority of businesses
- More-complex examples
Overview of the webinar
Schedule K2/K3 reporting has been required by partnerships and S-corporations since 2021 tax returns. Most businesses were actually exempt from reporting on 2021 returns, but starting in 2022, the requirements for issuing these forms were increased. Exemptions exist but in some cases, it may be simpler (and safer for compliance) to simply issue the forms.
At the heart of K2/K3 is foreign income reporting. Schedule K2 is a part of the entity tax return. Schedule K3 is given to the partner or shareholder (as part of their K1). Note that reporting is now required even if the entity has no foreign activity.
These forms add nearly 40 pages of material to tax returns and K1s. Penalties can be substantial — potentially thousands of dollars for the entity return, and $290 each for issuing improper K1s. This webinar will attempt to demystify this subject and help lead you to better understanding and compliance.
Who should attend?
- CPAs
- Enrolled Agents
- Tax Professionals
- Business Owners
- CFOs
- Bookkeepers
- Office Managers
- Staff Accountants
- Anyone involved in the preparation of S-corporation and partnership tax returns.
Why should you attend?
If a business does not issue K2/K3 when it should, or if the schedules have mistakes, the IRS could assess penalties against the entity for failure to file a proper tax return, and failure to file proper K1s. Those penalties can be literally thousands of dollars. The K2/K3 subject is intimidating to many tax professionals and to businesses. This webinar will cut through the clutter and give you the information you need so you can stay in compliance.
Faculty - Mr.Jason Dinesen
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.