Partnerships and S Corporations Receive Temporary Reprieve from Foreign Tax Reporting

  • Manufacturing
  • 3/2/2022
Manufacturing Facility Woman at Work Laptop

The IRS rolled out new K-2 and K-3 forms for Partnerships and S Corporations. They recently released guidance for these forms, including relief for most taxpayers f...

The 2022 tax filing season (2021 returns) started off with a bang. The IRS rolled out new K-2 and K-3 forms for Partnerships and S Corporations. These forms are very complicated and voluminous and are designed to assist the IRS in tracking foreign sourced income from pass-through entities. The IRS recently released guidance for these forms, including relief for most taxpayers for 2021 only.

Owners of Partnerships and S Corporations should verify if they qualify for the filing relief. Please read this blog post by Carey Heyman for more detail.

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

Experience the CLA Promise


Subscribe