Latest Guidance on K-2 and K-3 Reporting and Exceptions On-Demand Webinar


Partnerships and S corporations may have to file Schedule K-2 and Schedule K-3, even though the entity does not have foreign transactions to report. If the partner or shareholder claims a foreign tax credit on either Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), or Form 1118, Foreign Tax Credit—Corporations, the entity will need to file both of these schedules.

This session will cover how tax professionals can meet their requirements as well as the penalty relief available under Notice 2021-39. We will wrap up by completing a Schedule K-2 and Schedule K-3 for a partnership that has no foreign transactions, but does have a filing requirement due to a partner filing Form 1116 claiming the foreign tax credit.


Upon completion of this course, you will be able to:

  • Determine which taxpayers must file Schedules K-2 and K-3
  • Summarize penalty relief available under Notice 2021-39
  • Define what parts of Schedule K-2 and K-3 are required when a partner claims the foreign tax credit and files Form 1116
  • Prepare Schedule K-2 and K-3 when a partner claims the foreign tax credit and files Form 1116

Course Details

This on-demand webinar includes the presentation slides, exam questions and recording of the webinar broadcast with review questions. CPE is issued after exam is successfully completed.


Presented by: AJ Reynolds, EA

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