The Internal Revenue Service designed Schedule K-2/K-3 to enhance the reporting of international activities for owners of passthrough entities. The Form is required to be filed by most partnerships for tax years beginning in 2022. This session will discuss the K-2/K-3 reporting requirements and how the increased compliance burden is impacting passthrough's filing requirements. This session will also cover the common issues encountered when completing the forms along with suggestions for improving compliance.
Analyze the Schedule K-2/K-3 including who is required to file and what information must be reported
Identify common issues and challenges in completing the Schedule K-2/K-3/
Managing Director, Passthroughs Group,
KPMG, Washington National Tax