Afternoon Session 1: For the 2021 tax year, the IRS has introduced new Schedules K-2 and K-3 to partnership and S corporation tax returns to standardize the reporting of foreign-related tax information. However, the reporting might apply to domestic entities that have no foreign activities. At 20 pages in length, these schedules provide significant compliance burdens to the taxpayers and require tax preparers to understand the basics of U.S. taxation of foreign income and foreign persons. This course will discuss filing requirements including the first-year filing relief as well as basic rules regarding international taxation in order to understand what information is required to be reported in different parts of the schedules. The course includes examples on how the form should be completed.

Afternoon Session 2: This session will feature some of the latest federal tax issues and hot topics -  including the latest tax changes in the Inflation Reduction Act, tax items expiring in 2022, and tax planning strategies.

IMPORTANT: Only the afternoon session on federal taxation is eligible for IRS Enrolled Agents credit. You can choose to attend the full day, but we can only issue CPE or CLE credit for the morning session and not IRS credit.

PM Session 1 - Renata Stasaityte, CPA - K2 & K3 In-Depth Analysis

• Filing requirements for Schedules K-2 and K-3, including the first-year filing relief
• Basic introduction to income sourcing rules and apportionment of deductions for foreign tax credit
• How to complete Parts II and III for foreign tax credit, including examples
• Basic information needed in Parts IV and IX for corporate partners
• Logic behind Part X for foreign partners

PM Session 2 - Arthur Werner - General Update on Federal Taxes

• Inflation Reduction Act of 2022 - Tax Changes
• Expiring Tax Items
• Tax Planning for 2022 
• Ask the instructor any Federal tax question you will get an expert answer!

Our instructors are some of the most knowledgeable tax lecturers in the nation. They have the ability to simplify the most complex tax rules. Bring in all your tax questions and get a CORRECT answer.