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Coming relief from certain Schedule K-2 and K-3 reporting
Mar 21, 2022
The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3
reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon.
Changes to the tax code can leave you confused and wondering what to do next. Speaking to a tax lawyer in Dallas Texas is your best option.
Margolies Law Office Blog
Facing an IRS audit can be a daunting experience, but being prepared and knowledgeable about the process can alleviate some of the anxiety
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