Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

IRS Provides More Detail On Partnership Foreign-Income Rules (1)

Feb. 16, 2022, 7:59 PMUpdated: Feb. 16, 2022, 9:05 PM

The IRS provided more detail Wednesday about new filing requirements for partnerships’ foreign income, attempting to clarify and provide relief in an area that’s prompted tax preparers to harshly criticize the agency.

The agency issued a list of answers to frequently asked questions for new Schedules K-2 and K-3, which require partnerships and S corporations to report their foreign income in much greater detail. In particular, the IRS said in the FAQ that it wouldn’t require partnerships and S corporations without any foreign activity or foreign partners to file the new schedules for the current tax year.

That confirms a ...