Partnerships and S Corporations Receive Temporary Reprieve from Foreign Tax Reporting

The 2022 tax filing season (2021 returns) started off with a bang. The IRS rolled out new K-2 and K-3 forms for Partnerships and S Corporations. These forms are very complicated and voluminous and are designed to assist the IRS in tracking foreign sourced income from pass-through entities. The IRS recently released guidance for these forms, including relief for most taxpayers for 2021 only.

Owners of Partnerships and S Corporations should verify if they qualify for the filing relief. Please read this blog post by Carey Heyman for more detail.

Allyson works for businesses of all sizes, maintaining a primary focus on business tax and consulting. She provides her clients with creative resolutions for technical tax issues and clearly interprets proposed and existing business tax law. Moreover, her thorough experience with trusts and estates allows her to deftly guide clients through the complicated legislation and the intricate processes involved in compliance, maximization of returns, and sustaining business and family wealth. She first gained knowledge and experience working for several years in a national firm, in a small firm environment, and in solo practice. She was also a partner in a regional legacy firm for 15 years prior to joining CLA. Her extensive tax experience bolsters CLA's talented staff and cultivates client relationships and makes her an invaluable member of the professional and civic communities.

Comments are closed.