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:

www.irs.gov/newsroom/help-for-taxpayers-and-tax-professionals-special-filing-season-alerts

Attend Spidell’s 2022 Post-Tax Season Update and Review webinar and get the latest update on this and other issues that came up during tax season. Click here and register today.