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Part IX, "Partners' Information for Base Erosion and Anti-Abuse Tax (Section 59A)".Part VIII, "Partnership's Interest in Foreign Corporation Income (Section 960)".Part VII, "Information to Complete Form 8621".Part VI, "Information on Partner's Section 951(a)(1) and Section 951A Inclusions".Part V, "Distributions From Foreign Corporations to Partnership".Part IV, "Information on Partner's Section 250 Deduction With Respect to Foreign-Derived Intangible Income (FDII)".Part III, "Other Information for Preparation of Form 1116 or 1118".Part II, "Foreign Tax Credit Limitation".Part I, "Partnership's Other Current Year International Information".With respect to Form 1065, the following are the different parts of the Schedule K- 2 form: Persons With Respect to Certain Foreign Partnerships. Income Tax Return for an S Corporation and S corporations filing Form 1120-S, U.S.The forms consist of specific Schedules K- 2 and K- 3 for: With the Schedules K- 2 and K- 3, the information is now being required in a standardized format with an additional level of detail. Although these forms contain a new level of detail, most of this information was already required to be included with previous Schedules K- 1 as white paper attachments. income tax liability when considering potential international- related deductions, credits, and miscellaneous items.
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The new forms will create more clarity for shareholders and partners on how to calculate their U.S. Recognizing that the detailed new schedules will create transitional challenges, the IRS announced in Notice 2021- 39 that it will provide certain penalty relief to filers who fall short of the new requirements in tax years that begin in 2021, so long as they make a good- faith effort to comply, as discussed below. The new international- related schedules will be required to be filed with 2021 partnership/S corporation returns and 2021 Schedules K- 1, Partner's Share of Income, Deductions, Credits, etc. Draft instructions for the new Schedules K- 2 and K- 3 were released on June 30, 2021. Schedule K- 2 will report the partnership/S corporation-level activity attached to a flowthrough return, while Schedule K- 3 will be provided to each partner or shareholder and report its proportionate amount for each item. Similar schedules have been released for S corporation returns, too. Schedule K-3, Partner's Share of Income, Deductions, Credits, etc. - International.Schedule K-2, Partners' Distributive Share Items - International and.On June 3 and 4, 2021, the IRS released final versions of two new international- related schedules that are being added to passthrough entity returns: