The domestic PTE has no or certain prescribed limited foreign activity Ģ. The instructions include an exception to Schedules K-2 and K-3 filing with the IRS if all the following conditions (described in more detail below) of the new domestic filing exception are met:ġ. For example, partnerships with corporate partners that need information to calculate base erosion and anti-abuse tax (BEAT) and foreign-derived intangible income (FDII) amounts would not meet the domestic filing exception. The draft instructions contain an expanded “Who Must File” section that includes limited relief for domestic partnerships and S corporations (pass-through entities or PTEs) with no foreign activities, assets, partners or taxes under a new “domestic filing exception.” In the absence of meeting this new filing exception, certain “domestic only” pass-through entities with no foreign activity, partners or assets may still need to report information in relevant parts on Schedules K-2 and K-3. Return of Partnership Income) and Form 1120-S (U.S. The IRS recently issued draft tax year 2022 instructions for Schedules K-2/K-3 for both Form 1065 (U.S.
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