![]() ![]() The IRS designed these specific schedules to replace the current reporting for these items (which often occurs on Line 16 and footnotes to K-1s) so that the information provided to owners is delivered in a standard format with an additional level of detail. ![]() The new schedules are intended to provide more transparency and clarity for the owners of pass-through vehicles regarding how to calculate their US income tax liability from relevant international items. Additionally, S corporations with international tax relevance, as well as certain Form 8865 filers, will have similar Schedules K-2 and K-3 filing obligations for tax years beginning in 2021. For tax years beginning in 2021, a partnership must file Schedule K-2 (partners’ total international distributive share items) and Schedule K-3 (partner’s share of international income, deductions, credits, etc.), if the partnership has relevant international tax items. ![]() The IRS has released final versions of two new forms that should be added to the tax returns of pass-through entities to report certain international income, deductions, credits, and other miscellaneous items. ![]()
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