While the IRS is working diligently to enable partnerships to file their 2021 returns with the new schedules as soon as possible, guidance on the new forms continues to evolve. Since failure to properly complete or file the new schedules may subject the business and its owners to separate $10,000 penalties, many businesses are taking a conservative approach. As a result, it is likely that individual partners will need to file extensions for their personal individual income tax returns this year.

You may also refer them to our Frequently Asked Questions for individuals waiting on K-1s.