Except as otherwise required by statute, regulations, or other IRS guidance, a partnership is not required to obtain information from its direct or indirect partners to determine if it needs to file each of these parts. Unfortunately, at the top of page 3 is a statement that can easily again lead practitioners to believe they can simply ignore preparing and filing the form as a matter of course: The Form Will Still Need Attention by Most Practitioners Comments on the draft instructions can be provided to on or before November 8, 2022. In response to stakeholder input, the draft instructions provide a new filing exception as described on page 3 of the 2022 Partnership Instructions for Schedules K-2 and K-3. On October 25, 2022, the IRS released drafts of the 2022 Partnership Instructions for Schedules K-2 and K-3 and the 2022 Partner’s Instructions for Schedule K-3 for the Form 1065. When will the 2022 draft instructions for the Schedules K-2 and K-3 be released and where can I find them? (added October 26, 2022)

This release of the instructions was noted on the “Schedules K-2 and K-3 Frequently Asked Questions (Forms 1065, 1120S, and 8865)” FAQ on the IRS website update on October 26, which read:Ģ7. The draft contains a new formalized program for obtaining information from partners related to reporting on information that impacts information required to be provided to partners for possible use on Forms 11. The IRS on October 25, 2022, released a draft copy of the instructions for Schedules K-2 and K-3 of Form 10 tax returns.

Sample schedule k 1 form 1065