The IRS has delayed by more than a month the rollout of an electronic filing protocol for Schedules K-2 and K-3 for S corporations.
The agency revised the date in a FAQ on its website last week. The IRS initially said the versions of the schedules filed with Form 1120-S, U.S. Income Tax Return for an S Corporation, could be e-filed by mid-June 2022. The updated FAQ now pushes that capability to July 24.
Passthrough entities with “items of international tax relevance” and taxpayers filing Form 8865 must file the new schedules for the 2021 tax year. Read more.