The IRS announced that it is providing more relief for Schedule K-2 and K-3 reporting for 2022

On February 15, the IRS announced that it is providing more relief for Schedule K-2 and K-3 reporting for 2022. These new forms were created to accommodate changes to international taxation rules under the Tax Cuts and Jobs Act, and establish a standardized format for tax reporting by affected partnerships and S corporations. After pushback from the tax community, the forms have been put on hold.