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…
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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