The AICPA has received numerous questions and concerns following the recent IRS announcement regarding Schedules K-2 and K-3 disclosure requirements.
Since 2020, the AICPA’s foreign partnership reporting task force has tackled these issues and continues to work on behalf of tax preparers to streamline the reporting process.
The AICPA urges tax professionals to be aware of the reporting requirements for their pass-through entity clients. These resources can help:
- The November 2021 article of Tax Adviser, “Navigating the new Schedules K-2 and K-3”
- This AICPA podcast episode about Schedules K-2 and K-3
- The AICPA task force’s comment letter
The AICPA also addressed the schedules at its Feb. 3 town hall meeting.