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February 17, 2022
2022-0288

IRS provides new FAQs on transition relief for certain domestic partnerships and S corporations completing Schedules K-2 and K-3

In new frequently asked questions (FAQs) on Schedules K-2 and K-3, the IRS has provided details on additional transition relief to make it easier for certain domestic partnerships and S corporations to change to and prepare the schedules. Taxpayers qualifying for the relief will not need to file the new Schedules K-2 or K-3 for tax year 2021. For more, see the IRS press release.

A Tax Alert is forthcoming.

 

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