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2023 taxes businesses partnership s corp tax return law form

New Form K-2 and K-3 for Partnership and S Corp Tax Return

By IRS News

  All owners and those in charge of filing partnership and s corporation tax returns:   The issue: In an effort to catch unreported foreign income, starting with the 2022 income tax return the IRS is requiring all businesses to fill out an additional 15 page form K-2 and K-3 as part of the business tax return reporting foreign income information. The only way to avoid filling out the additional information is to send all owners of the business entity…

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IRS Conditions and What They Mean for Small Businesses

By IRS News

On January 12, 2022, the National Taxpayer’s Advocate Office released a report on the conditions at the IRS. The report’s findings indicate that there is a massive backlog of unprocessed forms, and a larger volume of calls than customer service representatives are able to address. What’s In the Report While the full report contains a more thorough analysis, we’ve selected a few quotes to summarize the conditions at the IRS: “As of December 18, 2021, the IRS reported it had…

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