BPM Tax Manager Yuki Miyajima Covers New IRS Filing Requirements Intended to Standardize the Foreign Activity Reported by Partnerships and S Corporations
The Internal Revenue Service (IRS) has introduced a new reporting requirement for the 2021 tax year for any pass-through entities with international activities, including entities with foreign partners. The agency has created two new forms, Schedules K-2 and K-3, to supplement all Schedule K-1 filings.
“While the tax agency has given significant notice that these new requirements are coming, many organizations may still be unsure how to proceed,” comments Yuki Miyajima, CPA, Tax Manager at BPM, in her article, recently published with Financial Advisor Magazine. “These new forms are a landscape shift in reporting standards for international tax-related matters for income, expenses and credits for pass-through entities.”
Learn more about the filing requirements for Schedules K-2 and K-3, which may increase the documentation needed for all partners at tax time, plus find out about relief for certain pass-through entities.
Read the full article, “How Schedules K-2 And K-3 Will Affect Pass-Through Entities,” published on Financial Advisor Magazine here: https://www.fa-mag.com/news/how-schedules-k-2-and-k-3-will-affect-pass-through-entities-69305.html
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About Yuki Miyajima
Yuki Miyajima, CPA, Tax Manager, BPM LLP
Yuki is a Manager in BPM’s Tax Practice, affiliated with both the Private Client Services and the International Tax groups. She joined BPM’s Santa Monica office in 2012. Her experience in both audit and tax allows her to assist clients in matters ranging from financial reporting, including ASC 740 preparation and review, to tax planning and compliance. Her clients include high-net-worth individuals and pass-through entities in the real estate industry, such as residential real estate rental firms and commercial developments.