03/01/2022

IRS Adds Schedules K-2 and K-3 for International Reporting

Find out more from OSAP Strategic Partner Clark Schaefer Hackett

Effective for the 2021 tax year, the Internal Revenue Service (IRS) has added two new forms for pass-through entities for purposes of disclosing additional international information as a result of the Tax Cuts and Jobs Act of 2017 (TCJA).

The new forms are: Schedules K-2 (Partners’ Distributive Share Items—International/Shareholders’ Pro Rata Share Items—International) and K-3 (Partner’s/Shareholder’s Share of Income, Deductions, Credits, etc.—International).

The forms are primarily intended for pass-through entities with foreign operations or foreign owners whose owners need additional information to comply with newer international reporting requirements.

Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett (CSH).