Virginia Society of Tax & Accounting Professionals - IRS issues a frequently asked question for pass-through entities to report negative amounts electronically to the IRS on Part II of Schedules K-2 and K-3

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IRS issues a frequently asked question for pass-through entities to report negative amounts electronically to the IRS on Part II of Schedules K-2 and K-3

IRS issues a frequently asked question for pass-through entities to report negative amounts electronically to the IRS on Part II of Schedules K-2 and K-3

06 Sep 2023 5:16 PM | Anonymous

WASHINGTON — The Internal Revenue Service today issued a frequently asked question in Fact Sheet 2023-20 to provide guidance to pass-through entities for electronically filing Schedules K-2 and K-3 to the IRS to report negative amounts.

For tax year 2022 the schema for Schedule K-2 and K-3 do not permit negative values. This FAQ provides guidance to pass through entities about how to report these amounts.

More information about reliance is available.

IRS-FAQ

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