The IRS has indicated that its latest more sweeping move comes in response to continued concern and feedback from the tax community and other stakeholders. In 2021, the IRS released guidance providing penalty relief for filers who made “good faith efforts” to adopt the new schedules. Certain domestic partnerships and S corporations will not be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns. The IRS has announced additional relief for pass-through entities required to file two new tax forms - Schedules K-2 and K-3 - for the 2021 tax year.
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