New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know

August 11, 2022By Elvira Frencillo

For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…

KROST Quarterly Magazine: The Real Estate Issue is Now Available!

October 26, 2020By Anna Chen

We are happy to announce the release of our newest quarterly magazine! The Real Estate Issue highlights some of the hot topics in real estate including 1031 Exchange, Cost Segregation, Opportunity Zones, Qualified Improvement Property, Delaware Statutory Trusts, and Green Building Tax Incentives. What You’ll Find Inside this Issue: Challenges Facing the Real Estate Industry Read the full article…

The Streamlined Offshore Disclosure Procedures

April 29, 2020By Evelyn Fernandez

It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel Read the full article…