![]() ![]() international tax information to their partners in a standardized format. persons who are partners in foreign partnerships, or entities electing to be taxed as partnerships), will be required to include the new Schedules K-2, Partners' Distributive Share Items - International, and K-3, Partner's Share of Income, Deductions, Credits, etc. - International, with their returns if they have items of "international tax relevance." More on that definition in just a minute.Īt their core, the new schedules and accompanying instructions are designed to help partnerships report certain U.S. ![]() ![]() Persons With Respect to Certain Foreign Partnerships (for U.S. Don't be a do-it-yourselfer here.īeginning with tax year 2021, partnerships, S corporations, and filers of Form 8865, Return of U.S. However, filing correctly requires an in-depth understanding of complex international tax concepts.The new schedules should not be as burdensome as skeptics believe once all of your ducks are in a row.income tax liability and international-related income and deductions. ![]()
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