The Treasury Department and the IRS are releasing the new draft Schedule K-2 (Form 1065), Partners’ Distributive Share Items – International and Schedule K-3 (Form 1065), Partner’s – Share of Income, Deductions, Credits, etc. – International, both for tax year 2021 (filing season 2022), and the draft instructions, to allow partnerships and other stakeholders time to consider the proposed changes and to provide comments that can be taken into account in finalizing the schedules and instructions.
This early release is intended to afford time for stakeholder input and engagement. Treasury and IRS invite comments from affected stakeholders through Sept. 14, 2020.
Written comments should be sent to firstname.lastname@example.org with the subject line: “International Form Changes.”
A key portion of the IRS-Treasury statement released on July 14, 2020 follows: