Treasury and IRS Seeking Comments on Proposed Redesigned Partnership Form for Tax Year 2021

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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 lbi.passthrough.international.form.changes@irs.gov with the subject line: “International Form Changes.”

A key portion of the IRS-Treasury statement released on July 14, 2020 follows: 

Click Here to view the drafts for the new Schedule K-2 and K-3.

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Gary DeHart
Gary DeHart has worked in media for more than 25 years and has been instrumental in developing new revenue streams and business opportunities for the companies he has worked for. Prior to launching Insightful Accountant (formerly Intuitive Accountant), Gary was the Associate Publisher of Accounting Today. Prior to working in media serving the public accounting market, he worked in media for employee benefit managers and brokers, automotive design, textile manufacturing and recreational boating. In addition to being the Publisher and Managing Partner of Insightful Accountant, Gary works with select clients within the accounting market on channel development and growth. He is an Assistant Scoutmaster with the Boy Scouts of America, enjoys fly fishing, time on the beach, cooking on the Big Green Egg and spending time with his family.