CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

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.

STAY TUNED

Stay updated with more breaking tax-related developments by subscribing to Tax Bytes with Jessica Jeane, J.D.

Recent Stories

Next Up...

The One, Big, Beautiful Bill Act raised the SALT limit, granting much needed relief to
2 min read
A new online revivor application has been launched by the Franchise Tax Board of California.
2 min read
The AICPA's issuance of SSARS 27 clarifies the application of AR-C section 70 in consulting
1 min read