The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns. In 2021, the IRS released guidance providing penalty relief for filers who made “good faith efforts” to adopt the new schedules. Because of feedback from the tax community, the IRS is providing this additional penalty relief if certain qualifications are met. Click here for more information. For questions, reach out to the Cg Team. © 2022
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Feb