For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships,
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New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know
Form 5471 – Reporting Ownership in Foreign Corporations
You may be required to file Form 5471, “Information Return of U.S. Persons with Respect to Certain