IRS Schedules K-2 and K-3 (for Form 1065) are used by passthrough business entities to report partnership shares subject to international taxation. On Oct. 26, the IRS released draft instructions for the 2022 versions of these schedules. In response to feedback from businesses and tax professionals, the draft instructions provide a new “domestic filing exception” so that partnerships without foreign partners or activities don’t have to file the schedules. The IRS is soliciting comments on this draft, available to view here: https://bit.ly/3DE5vOY Call or visit our website for more information! www.mjscpa.com/
