7/30/2023 0 Comments Sample 1065 tax returnWhile that requirement still stands, the IRS has changed the instructions to include the extended filing deadline and eliminated the requirement for a separate written notification to the shareholders/partners to request Schedule K-3. This one-month paragraph mandates that the shareholder/partner who may need the Schedule K-3 must request it one month before the entity return deadline. Subsequently, the IRS added a one-month paragraph. For a calendar year entity with a March 15 filing deadline, this would be January 15. Initially, the IRS stated a notification must be sent by the entity 60 days before the due date of the entity’s return. This notification is based on the draft Schedule K-2 and K-3 instructions recently issued by the IRS for preparing these schedules for tax years beginning in 2022. Professional Tax Institutes, Inc., a national order partner of the University of Illinois Tax School, has created a sample notification letter that you could send to your clients to assist in implementing these instructions. It may not be clear how to implement the provisions of the IRS’s December instructions for your clients, though. The instructions released in early December provided a procedure to avoid preparing these lengthy forms and the separate notification that permits this. If you expect to prepare S corporation or partnership tax returns this year, you probably welcomed the language of draft instructions for Schedules K-2 and K-3.
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