What happens if I don’t file the Schedules K-2 and K-3?

By The Wolf Group|2022-03-10T17:11:50-05:00March 10th, 2022|

The penalty for failing to file or filing an incomplete Schedule K-2 or K-3 is $10,000. This penalty can be applied at both the entity level and the individual partner level. The IRS has provided temporary relief for this penalty for 2021 under Notice 2021-39.

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What happens if I don’t file the Schedules K-2 and K-3?

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