The One, Big, Beautiful Bill Act Revolutionizes Section 1202
August 27, 2025
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- TaxByte
Section 1202 has been revamped by the One, Big, Beautiful Bill Act (OBBBA) with a
4 min read
Tax Byte
ICYMI: In case you missed it this week, the IRS has issued a frequently asked question (FAQ) in Fact Sheet 2023-20 to provide guidance to pass-through entities e-filing Schedules K-2 and K-3 on reporting negative amounts.
For tax year 2022, the schema for e-filing Schedule K-2 and K-3 do not permit negative values for certain line items in Part II. Thus, the FAQ issued this week provides guidance to pass-through entities about how to report these amounts.
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