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Example 1065 partnership return4/6/2023 ![]() ![]() Key provisions included in revised instructions for Schedules K-2 and K-3 Partnerships with no foreign income The changes provide more exceptions from filing, and additional clarity as to when such filing exceptions apply. The revised instructions show how carefully all relevant facts must be weighed to determine whether, and to what extent, the Schedules K-2 and K-3 must be completed for partners. Partners use the information reported on Schedule K-3 to complete their US tax and information returns. Many partnerships must complete Schedules K-2 (detailing partners' total international distributive share items) and issue Schedules K-3 (detailing a partner's share of international income, deductions, credits, etc.) to their partners to report US international tax information. Schedules K-2 and K-3 are new reporting forms that pass-through entities generally must complete, beginning in the 2021 tax year. On 18 January 2022, the United States (US) Internal Revenue Service (IRS) outlined changes to previously issued IRS instructions for Schedules K-2 and K-3 for the 2021 tax year IRS Form 1065, U.S.
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