K-2/K3 Breaking News!

[sjrcpa]

Here's what IRS said this evening:

February 15 update

Coming relief from certain Schedule K-2 and K3 reporting: The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon.

I'm so excited I posted it in Lacerte and here. Yes I'm a Tax Nerd.

[IRonMaN]

"We are taking this step in response to feedback we received from the tax community and our stakeholders"

Even the IRS listens once in awhile.  If only Intuit could do the same from time to time.

Thanks for the info.  Happy to see they were announcing relief rather than the addition of a K-4 and K-5.

As a side note, thanks for being a tax nerd.  The rest of us need all of the help we can get.😁