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Sample 1065 tax return3/7/2024 Initially, the IRS stated a notification must be sent by the entity 60 days before the due date of the entity’s return. This notification is based on the draft Schedule K-2 and K-3 instructions recently issued by the IRS for preparing these schedules for tax years beginning in 2022. Professional Tax Institutes, Inc., a national order partner of the University of Illinois Tax School, has created a sample notification letter that you could send to your clients to assist in implementing these instructions. It may not be clear how to implement the provisions of the IRS’s December instructions for your clients, though. The instructions released in early December provided a procedure to avoid preparing these lengthy forms and the separate notification that permits this. If you expect to prepare S corporation or partnership tax returns this year, you probably welcomed the language of draft instructions for Schedules K-2 and K-3.
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