Coming relief from certain Schedule K-2 and K-3 reporting

Relief for Domestic Partnerships and S Corporations

The IRS has announced relief for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without any knowledge of partner or shareholder need for information on items of international relevance.

For the 2021 tax year, these qualifying entities will not be required to file the new schedules. This decision was made in response to feedback received from the tax community and stakeholders. Full details about this relief will be provided by the IRS soon.

Navigating Tax Code Changes

Changes to the tax code can often lead to confusion and uncertainty. When you’re unsure about your next steps, speaking to a tax lawyer in Dallas, Texas is your best option for guidance and support.