• videocam Live Webinar with Live Q&A
  • calendar_month July 30, 2026 @ 1:00 PM ET/10:00 AM PT
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Preparing Schedules K-2 and K-3: Recent Revisions, Expanded Domestic Filing Exception, Reporting Foreign Activity

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Discount expires 7/16/26

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About the Course

Introduction

This course will discuss required Schedules K-2 and K-3 for reporting partners' income, deductions, and credits from foreign activity. Our panel of highly experienced tax specialists will explain each part of each schedule so that tax practitioners can efficiently meet this reporting obligation. They will review the latest requirements and updates relative to these schedules.

Description

Preparing required Schedules K-2 and K-3 continues to be an arduous but necessary task for practitioners. Filed with Form 1065 for partnerships or 1120-S for S corporations, these schedules report international amounts and items allocable to flow-through recipients. Although the domestic filing exception has been expanded, qualifying entities should consider including Schedules K-2 and K-3 in certain situations. 

While international tax practitioners strive to prepare these schedules correctly, the IRS continues to scrutinize international tax compliance. Entities that fail to file or furnish correct payee statements can be subject to substantial penalties (IRC Sections 6698/6699 and 6722). 

Listen as our panel of international tax specialists explains how to complete Schedules K-2 and K-3 and the latest revisions to these schedules.

Presented By

Daniel Neumeyer, JD, LLM
Tax Manager
CliftonLarsonAllen

Mr. Neumeyer focuses his practice on international tax issues. In particular, he helps lead CLA’s delinquent international filing practice. Mr. Neumeyer works with clients who have missed international informational reporting requirements and helps mitigate penalty risk by submitting delinquent returns through IRS voluntary disclosure programs. He also works extensively with multinational businesses by helping navigate their international compliance obligations.

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John Samtoy
Partner
Holthouse Carlin & Van Trigt LLP

Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on individuals, closely-held businesses, and hedge funds. He has particular expertise in structuring and reporting foreign manufacturing arrangements and foreign holding companies, and is experienced in foreign asset disclosure requirements, as well as foreign trust and estate reporting.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

  • event

    Thursday, July 30, 2026

  • schedule

    1:00 PM ET/10:00 AM PT

I. Background

II. Who is required to file Forms K-2 and K-3?

III. Recent revisions to Schedule K-2 and K-3

IV. Schedule K-2: Parts I-IX

V. Schedule K-3: Parts I-X

VI. Best practices

The panel will review these and other key issues:

  • Preparing additional required attachments for specified international transactions in Part I
  • Which partnerships are eligible for the expanded domestic entity filing exception?
  • Recent revisions to Schedules K-2 and K-3
  • Which partnerships are required to include Schedules K-2 and K-3 in returns?
  • Complexities in reporting funds and private equity investments on Schedules K-2 and K-3
  • Correctly reporting CFC income and GILTI inclusions in Part V
  • How foreign tax credits and income are recorded

Learning Objectives

After completing this course, you will be able to:

  • Understand the reporting requirements for Schedules K-2 and K-3
  • Determine which partnerships are eligible for the expanded domestic entity filing exception
  • Ascertain the steps needed to prepare for reporting international activity on Schedules K-2 and K-3
  • Verify that Schedules K-2 and K-3 are correctly completed
  • Recognize the penalties applicable for filing noncompliance
  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation, including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI/NCTI, Subpart F, and the related Section 250 deductions

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .