The IRS' draft Schedules K-2 and K-3 mean partnership reporting standards are about to get more complex and time-consuming for taxpayers with international activity. The new guidelines are expected to standardize much of the information provided by producers. Recipients of Schedule K-2 and K-3 report might need to take additional action. As these requirements are expected to take effect for the tax year 2021, now is the time for U.S. partnerships, U.S. S-Corporations, and U.S. shareholder partners in certain foreign partnerships to learn about and prepare for these changes.
After attending this webinar, you should be able to:
The IRS' proposed changes will affect partnerships that currently report international tax information across various forms and schedules and are expected to change how producers and recipients use supplemental statements, whitepaper disclosures, pro-forma forms, and footnotes attached to or provided with Schedule K-1s. Join us to find out what steps you need to take today to ease the transition and maximize your partnership's tax strategies.