Relief from K-2/K-3 filing requirements coming soon

The IRS announced that it intends to provide additional transition relief for this year from the Schedule K-2 and Schedule K-3 reporting for 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. The IRS stated that it will provide full details of this relief soon.

The IRS announcement is available at:

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