The early release drafts of the schedules are intended to give
a preview of the changes before final versions are released. The release
of an early draft of the instructions for the schedules is planned for this
summer.
The redesigned forms and
instructions will also give useful guidance to partnerships, S corporations and
U.S persons who are required to file Form 8865 with respect to controlled
foreign partnerships on how to provide international tax information. The
updated forms will apply to any persons required to file Form 1065, 1120-S or
8865, but only if the entity for which the form is being filed has items of
international tax relevance (generally foreign activities or foreign partners).
The Changes Do Not Affect Partnerships And S Corporations With No Items Of International Tax Relevance.
The Treasury Department and the
IRS released prior drafts of Schedules K-2 and K-3 for the Form 1065 in July
2020 and engaged with stakeholders to solicit input on the changes.
Helpful comments were received, and changes have been made to the schedules and
instructions as appropriate.
To promote compliance with
adoption of Schedules K-2 and K-3 by affected pass-through entities and their
partners and shareholders, the Treasury Department and the IRS intend to
provide certain penalty relief for the 2021 tax year in future guidance.
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)
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