Focus on Taxation: New Schedules K-2 and K-3 | RubinBrown LLP

Focus on Taxation: New Schedules K-2 and K-3 International tax information reporting for 2021 brings the addition of two new schedules for passthrough entity tax returns: Schedules K-2 and K-3. Filing requirements may impact domestic partnerships and S corporations with no apparent items of international tax relevance, however, the IRS has provided filing relief for tax years beginning in 2021. Background For years, international tax information was reported on Schedule K as part of the entity return, and provided to shareholders and partners within Schedule K-1 and its footnotes. But for tax years beginning in 2021 and thereafter, this reporting will be moved to and expanded upon in new Schedules K-2 and K-3.   CONTINUE READING Read Time: 4 min   E-Focus Newsletters Discover breaking regulatory updates, technical summaries and industry information. SEE THE LATEST Seminars From our year-end tax and accounting updates to industry specific education, we offer events to help you learn and connect with other businesses. LEARN MORE     CERTIFIED PUBLIC ACCOUNTANTS & BUSINESS CONSULTANTS   Home       About Us       Services       Industries       Media       Careers       Resources   Readers should not act upon information presented without individual professional consultation.  Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.