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Partnership Foreign-Income Form Could See More Changes: IRS

Sept. 21, 2022, 8:43 PM

The Internal Revenue Service is open to further changes to improve new, much-criticized filing requirements for partnerships’ foreign income, an agency official said Wednesday.

The IRS will “certainly be looking to improve the process as it goes along” in implementing the requirements for partnerships to file the new Schedules K-2 and K-3, said Orrin Byrd, director of field operations for the Cross Border Activities Practice Area of the IRS’s Large Business & International division. He didn’t specify any particular changes that might be considered.

  • “With any implementation of new forms, there are always issues with taxpayers,” said Byrd, speaking ...