The IRS wants to be sure shareholders and partners in investment funds are accounting for and reporting on any benefits they receive from a fund’s international activity. With those goals in mind, the IRS has added two new schedules for pass-through entity tax returns: Schedules K-2 and K-3. The new forms bring consistency in reporting “internationally relevant items” to shareholders and partners while giving the IRS greater transparency into funds’ deployment of capital overseas and income from foreign sources.The new IRS schedules K-2 and K-3 add complexity to tax preparation, reporting, and compliance. Download our whitepaper to learn about the requirements, who must file, how to prepare for these changes, and the benefits of relying on technology for tax preparation for flexibility to aggregate data from multiple sources.
Download your complimentary whitepaper