K-2 and K-3 Forms for 2022: An Update (2 hours - morning) - NEW! - Webcast

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Dec 7, 2022

Registration: 8:30 AM / Program: 9:00 AM - 10:50 AM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

As we enter year two of the Schedules K-2 and K-3 for Form 1065, the IRS has issued draft instructions that will provide a new set of rules that must be followed to avoid having to prepare those forms, updating last year's Question 15 exception. There will be a required notice to partners that must be issued by January 15 and, if the partnership wants to skip filing due to no partner having to file Form 1116, will need to have statements from each partner to that effect by February 15. In this session we'll discuss the status of this guidance as well as continuing Schedule K-2 and K-3 issues as we get ready to prepare 2022 partnership returns.

OSCPA has partnered with the Idaho Society of CPAs for this event.

Designed For

  • All practitioners who deal with Partnerships
  • All practitioners who deal with Schedules K-2 and K-3

Objectives

According to Ed Zollars, "The Form Will Still Need Attention by Most Practitioners."

Major Subjects

The IRS on October 25, 2022, released a draft copy of the instructions for Schedules K-2 and K-3 of Form 1065 for 2022 tax returns. The draft contains a new formalized program for obtaining information from partners related to reporting on information that impacts information required to be provided to partners for possible use on Forms 1116 and 1118.

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email profdev@orcpa.org.


Leaders

Edward Zollars

Ed

Edward K. Zollars, CPA-AZ is a tax partner in the Phoenix, Arizona CPA firm of Thomas, Zollars & Lynch, Ltd. He has been practicing since 1982. Ed is also the primary author of updates on the Kaplan Financial Education Current Federal Tax Developments website and hosts a weekly tax update video and audio program.

(10/11/22)