Demystifying international tax reporting for partnerships and S corporations to ensure compliance and optimize foreign tax credits.
The Schedule K-2 and K-3 reporting requirements have been challenging for many practitioners. Confusing guidance on who needs to file and relief from stiff penalty provisions are only half the battle. How do these forms change the calculation of the foreign tax credit on Form 1116? What about Form 1118? Do Form 8865 filers need to worry about Schedule K-2 and K-3? In this course, we will explore these questions and how Schedules K-2 and K-3 affect the foreign tax credit calculation. Using examples and plain language, we will show how forms, like Form 1116 and others, are impacted by the new requirements.
Additionally, the course reviews vital safe harbors and the specific nuances of the domestic filing exception to help practitioners minimize unnecessary reporting burdens. By examining structural requirements and common compliance pitfalls, this overview provides tax professionals with the essential knowledge needed to navigate these highly scrutinized forms and effectively mitigate the risk of severe IRS penalties.
Who Should Attend:
Tax practitioners who prepare S corporation and partnership tax returns.
CPA, CFP, CLU, CPCU, MST, MBA
David Peters is the Founder and Owner of Peters Professional Education in Richmond, VA. He is registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He brings over 20 years of experience in financial services, including three years in the hedge fund industry and six years in insurance. David was the first Chief Financial Officer of Compare.com, where he served for more than three years. He holds four master’s degrees, contributes frequently to professional publications, and is a nationally recognized CPE instructor and discussion leader for Surgent seminars and a former instructor for Don Farmer. David received the AICPA Outstanding Facilitator Award in 2021, 2023, and 2024 as well as Surgent's Outstanding Discussion Leader awards in 2019 and 2022. He also co-authored the Virginia CPA Ethics course in 2018, 2019, and 2020, which is a requirement for all CPAs licensed in Virginia. Through Peters Professional Education, David is the author and instructor for over 125 recorded on-demand CPE courses and leads private trainings, in-person tax seminars, and quarterly live tax update webinars. His areas of instruction include accounting, finance, insurance, financial planning, and ethics, and he regularly teaches professionals across the United States.
