Newsletters

Further Details Provided on Relief in Preparing Schedules K-2 and K-3

The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. The new schedules K-2 and K-3 improve reporting by standardizing international tax information to partners and flow-through investors, making it easier for them to report these items on their tax returns. The changes ease flow-through return preparation compliance by clarifying obligations and standardizing the format for reporting. Notice 2021-39 provides penalty relief for good-faith efforts to adopt new schemes. This transition relief, appearing in the new frequently asked questions (FAQs) on Schedules K-2 and K-3, allows an additional exception for the tax year 2021 filing requirements by certain domestic partnerships and S corporations.

The following conditions must be met to qualify for this exception:

If a partnership or S corporation qualifies for this exception, the domestic partnership or S corporation need not file Schedules K-2 and K-3 with the IRS or with its partners or shareholders. However, if the partnership or S corporation is subsequently notified by a partner or shareholder that all or part of the information contained on Schedule K-3 is needed to complete its tax return, then the partnership or S corporation must provide the information to the partner or shareholder. If a partner or shareholder notifies the partnership or S corporation before the partnership or S corporation files its return, the conditions for the exception are not met and the partnership or S corporation must provide the Schedule K-3 to the partner or shareholder and file the Schedules K-2 and K-3 with the IRS.

FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole

Florida provides guidance regarding property tax relief for residential properties rendered uninhabitable for 30 days or more due to Hurricanes […]

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FL - Guidance provided on tax relief for properties made uninhabitable by Hurricanes Ian or Nicole

FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Florida will follow the corporate income tax relief granted by the Internal Revenue Service (IRS) for Hurricane Nicole affected taxpayers […]

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FL - Relief for corporate income taxpayers impacted by Hurricane Nicole discussed

Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

The IRS Independent Office of Appeals has announced the appointment of Ms. Elizabeth Askey, an alumnus of Harvard Law School, […]

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Elizabeth Askey Appointed As New Deputy Chief Of IRS Appeals, IR-2022-219

TIGTA Launches New Website

The Treasury Inspector General for Tax Administration (TIGTA), J. Russell George, announced a redesign of the agency’s website, to better serve […]

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TIGTA Launches New Website

FBAR Filing Deadline Extended for Individuals with Signature Authority but No Financial Interest in Certain Accounts, FinCEN Notice 2022-1

The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain individuals to file a Report of […]

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FBAR Filing Deadline Extended for Individuals with Signature Authority but No Financial Interest in Certain Accounts, FinCEN Notice 2022-1

Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

The IRS has appointed Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today. Kay-Decker will lead IRS efforts […]

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Courtney Kay-Decker Appointed as New Deputy Chief Taxpayer Experience Officer, IR-2022-222

IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

The IRS stated that, for 2022, general guidelines for electronic substitutes to paper Forms W-4 can be found in the […]

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IRS Issues Guidance on Form W-4 Substitute Submissions, Additional Guidance for Substitute Submissions of Form W-4

FL - Alachua County local government infrastructure surtax rate increased

Beginning January 1, 2023, the combined Florida state and local sales and use tax rate for Alachua County is 7.5%. […]

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FL - Alachua County local government infrastructure surtax rate increased

FL - 2023 fuel tax rates announced

The 2023 Florida motor fuel, diesel fuel, and aviation fuel tax rates are announced. Annual adjustments to the state fuel […]

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FL - 2023 fuel tax rates announced

IRS Issues Fact Sheet on Hobby vs. Business Income, FS-2022-38

The IRS has issued a fact sheet related to differentiating between taxpayers’ hobbies and businesses. There are several factors that […]

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IRS Issues Fact Sheet on Hobby vs. Business Income, FS-2022-38