Conquering (Schedules) K-2 (and K-3)

Course Description:

The IRS introduced Schedules K-2 and K-3 for pass through entities (1065 and 1120-S) In tax year 2021 to “improve” foreign activity information reporting. Based on IRS guidelines, most pass-through entities were required to complete and file these schedules. New guidance for 2022 eases (somewhat) the requirements to file, but many partnerships and S-Corps will still be subject to reporting. This session will be an in-depth analysis of the two Schedules with respect to both partnerships and S-Corps.

Learning Objectives:  

Course Instructor:  Ira Smilovitz, EA

Ira Smilovitz has been active as a tax preparer for over 50 years. Starting as a teenager working for his father, he worked for Coopers and Lybrand for two years during college before embarking on a career in Chemistry and Chemical Engineering. In 1985, after the death of his father, Ira returned to tax preparation as a sideline just in time for the Tax Reform Act of 1986. In 1999, he was a founding member of Lakshmi Investment Club which introduced him to partnership accounting. In the two-plus decades since, Ira has been a major contributor to accounting discussions regarding investment clubs and has consulted with both major investment club software providers with regard to tax issues. He was the recipient of the 2005 Better Investing Kenfield-Burris Online Service Award for his assistance to investment club treasurers. Ira is a frequent contributor to online discussion groups at Motley Fool, TaxProXchange, Drake Software, and the NAEA webboards. He sat for and passed the SEE test for Enrolled Agent in 2015 in order to better serve his clients and joined NAEA/NJSEA upon certification. He has been a Director and/or Officer of NJSEA since 2019.