Will the new Schedule K-2 and K-3 filing requirements affect me?

Yes. The new Schedule K-2 and K-3 filing requirements apply to all individuals who file Form 8865 to report an interest in a foreign partnership as part of their Form 1040, Individual Income Tax Return.

In addition, if you typically receive a Schedule K-1 from a US partnership or S corporation, you may also receive a Schedule K-3 this year, to be used in the preparation of your individual returns.