Although these new requirements mostly affect certain partnerships and S corporations, they may affect you if you are:
- An individual who receives a Schedule K-1 from a partnership or S corporation. In this case, you may not receive your K-1 (and new K-3, if applicable) until later than usual. This could delay your individual tax return filings.
- An individual who typically files Form 8865 as part of your individual income tax return to report ownership in a foreign partnership. If you file Form 8865, you are required to include the new schedules with your returns this year. See our Frequently Asked Questions for filers of Form 8865.