15, 2023, stating that partners will not receive Schedule K-3 unless they request it and Partners in the partnership receive a notification from the partnership by Jan.The partnership's direct partners are certain specified U.S.The partnership has no or limited foreign activity.Partnerships would qualify for this domestic filing exception if: The original draft instructions for 2022 partnership and S corporation Schedules K-2 and K-3, posted in October, contained a new exception to the requirement that partnerships and S corporations file and furnish the schedules for tax years beginning in 2022 (a similar exception was offered by the IRS in 2021 in Question 15 of the "Schedules K-2 and K-3 Frequently Asked Questions (Forms 1065, 1120S, and 8865)"). The key difference in these draft instructions from a first set of draft instructions for the forms posted in October 2022 is that new draft instructions modify the requirements to qualify for the domestic filing exception for filing and furnishing partnership and S corporation Schedules K-2 and K-3. The IRS last Friday posted a revised draft version of the 2022 Partnership Instructions for Schedule K-2 and K-3 (Form 1065) and, on Monday, it posted a similar revised version of the 2022 S Corporation Instructions for Schedules K-2 and K-3 (Form 1120-S).
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