Starting with the 2021 tax year, the IRS has added Schedules K-2 and K-3 to Forms 1065, 1120-S, and 8865. This course will cover the basics of preparing the new schedules for these forms, issues to watch for when a partner or shareholder receives these schedules, and the possible penalties related to these forms. 

Learning Objectives

  • Understand the new reporting requirements for Schedules K-2 and K-3 (1065, 1120-S, 8865) for both the entity and the recipient

  • Explain how to prepare Schedules K-2 and K-3

  • Identify key issues for the recipient and handling improperly prepared forms 

  • Understand the penalties for not completing these schedules and 2021 transitional guidance under Notice 2021-39 

Education Information

IRS Program Number: NMVBP-T-00205-22-O

Length: 100 minutes plus optional question-and-answer session (no CE)

Prerequisite: None

Advanced Preparation: None

Program Level: Intermediate

Delivery Method: Online Webinar/Group Internet Based

Field of Study: NASBA Taxes; IRS Federal Tax Law Topics/Federal Tax Related Matters

Credit Hours: 2 CE/CPE

Instructor: Kevin Todd, EA, CPA  Click here to learn more about the instructor.

All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here to learn more about our education policies.

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