IRS Updates Draft Int'l Tax Forms For Partnerships, S Corps

Law360 (April 30, 2021, 7:04 PM EDT) -- The IRS unveiled Friday updated 2021 draft forms to report international tax matters for pass-through entities such as partnerships and S corporations and said it plans to offer guidance providing some penalty relief this year for pass-throughs, partners and shareholders.

Redesigned forms are meant to help partnerships and S corporations by explaining how to provide international tax information, the IRS said. (AP Photo/J. David Ake) The Internal Revenue Service shared updated early drafts of Schedules K-2 and K-3 for Form 8865, which is used to report the income of foreign partnerships, Form 1065, which is used to report partners' shares of...

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