Tax and financial advice from the Silicon Valley expert.

IRS relief for domestic passthrough entity reporting requirement

The IRS is waiving the requirement to include international tax information Schedules K-2 and K-3 for most domestic partnerships and S corporations for tax year 2021 (IR-2022-38, February 16, 2022.)

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Domestic passthrough entities must include new international forms

According to the new instructions, domestic partnerships (including most LLCs) and S corporations must include new Schedules K-2 and K-3, reporting the owner's share of international transactions, even when the entity had no foreign activities.

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Tax and financial advice from the Silicon Valley expert.