Why is the IRS requiring these?

Formerly, Form 1120-S Schedules K and K-1 did not require any specific format to provide international information. As a result, many details needed for the accurate preparation of shareholders’ individual income tax returns were either lumped together on Schedule K-1, lines 14 and 17d, [...]

By |2022-03-04T12:13:02-05:00March 3rd, 2022|

What are the new Schedules K-2 and K-3?

Schedule K-2 is a new 14-page form with 7 total parts. It is filed as part of your Form 1120-S, S Corporation Tax Return. It is basically an expansion of Schedule K to provide greater detail on items of international tax relevance from the [...]

By |2022-03-06T11:22:38-05:00March 3rd, 2022|
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