BarbriSFCourseDetails
  • videocam Live Webinar with Live Q&A
  • calendar_month March 2, 2026 @ 1:00 p.m. ET./10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Schedules K-2 and K-3: Reporting Partners' International Share of Income, Deductions, Credits

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About the Course

Introduction

This course will discuss the 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 review the latest requirements regarding which entities must file these schedules and explain each part of each schedule so that tax practitioners can efficiently meet this reporting obligation.

Description

Perhaps the greatest complexity with Schedules K-2 and K-3 is determining which partnerships are required to file. New filing exceptions were added for Schedules K-2 and K-3 beginning with the 2024 reporting year. Previously, multi-owner partnerships were required to file. Now, if all direct partners meet the definition of U.S. persons, a partnership is excluded from the requirement to file Schedules K-2 and K-3. Also added is a new small S corporation filing exception. S corporations with gross receipts and assets totaling less than $250,000 are not required to file. However, partners may request Schedules K-2 and K-3 from the partnership. Even if an exception applies, qualifying small S corporations must notify shareholders that Schedules K-2 and K-3 will not be provided unless requested. 

Schedule K-2 now has 12 parts, while Schedule K-3 has 13. These parts contain the partnership's share of current international transactions, foreign tax credit limitation information, IRC Section 250 deduction for FDII, GILTI/NCTI inclusions, and other essential information needed to properly report foreign income, credits, and deductions on partners' returns. These schedules also allow the IRS to easily match the same items to the individual partners' individual income tax returns. For this reason, international tax practitioners must understand how to complete these new mandated schedules correctly.

Listen as our panel of international tax experts explains how to complete Schedules K-2 and K-3, including the current filing exceptions. 

Presented By

Rolando Garcia, JD, CPA
Tax Director
Doeren Mayhew

Mr. Garcia brings more than 20 years of experience to his role in areas such as ensuring U.S. tax compliance for international individuals and businesses, identifying international tax incentives, and advising multinational businesses on establishing a U.S. presence. Additionally, he is heavily relied on by his clients to navigate inbound and outbound practices, including pre-immigration planning for individuals, and more. With nearly 25 years of experience in public accounting, Rolando is adept at counseling business owners in developing options for effective solutions, while keeping an eye toward federal, state, and international tax optimization.


With an extensive background in domestic and international tax, he brings a tailored approach to working with his clients, which is why they often rely on him to identify savings opportunities relevant to their industry and resolve complex tax matters as they arise. Rolando is a frequent author featured in various accounting publications and journals and is regularly invited to speak as a subject-matter expert at industry-related events across the nation.

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John Samtoy
Tax 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.ohn specializes in international tax consulting and compliance services. He has experience serving private equity clients, high net worth individuals, and closely held businesses across a variety of industries.

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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

    Monday, March 2, 2026

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

I. Background

II. Exceptions to Schedule K-2 and K-3 reporting requirements

III. Current year updates to Schedules K-2 and K-3

IV. Preparing Schedule K-2

V. Preparing Schedule K-3

VI. Best practices

The panel will review these and other key issues:

  • Preparing additional required attachments for specified international transactions in Part I
  • Current year updates to Schedules K-2 and K-3
  • Exceptions to Schedule K-2 and K-3 reporting
  • Complexities in reporting funds and private equity investments on Schedules K-2 and K-3
  • Correctly reporting CFC income and GILTI/NCTI inclusion
  • How foreign tax credits and income are recorded on the schedules

Learning Objectives

After completing this course, you will be able to:

  • Understand the reporting requirements for Schedules K-2 and K-3
  • Identify the partnership audit changes made in the Bipartisan Budget Act of 2015
  • Determine which partnerships are required to include Schedules K-2 and K-3 in returns
  • 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 pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.


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 .