IRS OFFERS NEW DETAILS TO PRPARE
SCHEDULES K-2, K-3
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format.
Simply put, eligible entities, those with no foreign activities, foreign partners or shareholders, and without knowledge of partners or shareholders needing information on items of international relevance, will not have to file the new Schedules K-2 and K-3 for tax year 2021. To qualify for this exception, partnerships and S corps must meet the following: READ MORE HERE