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Partnership Forms Need Urgent Guidance, CPA Group Says

Sept. 2, 2022, 4:13 PM

The international reporting requirements in Schedules K-2 and K-3 need “urgent” guidance, the American Institute of CPAs said in a comment letter released Friday.

The AICPA, in the letter dated Wednesday, recommended the IRS clarify and simplify some areas of Schedule K-2 and Schedule K-3 to alleviate some of the administrative burden for partnerships.

  • The IRS should provide broader exceptions to the relevance exception, partner attribute requirement, and general presumption, such as adding the relevance exception to each part of the schedules to “mitigate the costs of reporting unnecessary information” for partners, the AICPA said.
  • The AICPA ...