On February 24, NCACPA and 51 state CPA societies joined AICPA in sending a letter to the Treasury Department and the IRS calling for delayed implementation of requirements for Schedules K-2 and K-3 until 2023.
The letter also urges Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig to suspend any assessment of penalties against Partnerships or S Corporations for failing to file or failing to timely provide Schedules K-2 and K-3 for the 2021 tax year.
NCACPA is advocating on behalf of members to urge IRS and Treasury to delay implementation of these changes so that practitioners will have sufficient time to understand and implement the changes.
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.