Is there an election to NOT print K-2's and K-3's

[KDJ]

We find that the K-2's and K-3's are not needed for out clients.  How do we turn them off?

[abctax55]

Did all the shareholders or partners confirm they don't need K-2/K-3?   By 2.15.23?

See the reply by Phoebe.... this provision was rescinded and I didn't 'get the message' 🙂

If so, for S-Corp > Screen 86.1 > mark the box "Qualified for exception to filing Sch K-2.  I don't have the partnership module open, so I'll let you look for it...

[KDJ]

Thank you!

[PhoebeRoberts]

They changed the rule again.  Now you can omit the K-2 / K-3 if no one asks for it.

[abctax55]

@PhoebeRoberts  - they did?  How the he(( did I miss that one.... this seesaw approach to tax prep makes my head hurt.  Thanks.

[PhoebeRoberts]

I think I get stupider every time the rules change.

This was the December update to the draft instructions. https://www.crowe.com/insights/tax-news-highlights/domestic-filing-exception-revised-for-schedules-k...

[abctax55]

If you are getting stupider, where does that leave me 🙂

We were buried under feet of snow/and rain/ & no power in that time frame (thus that Fed Declared Disaster that give me & my clients until Oct 16th - oh, joy....) so maybe that's why I missed it?

[PhoebeRoberts]

Can't imagine why you wouldn't want all your clients to have an extra 6 months in which to lose all their important tax documents. When it was "only" May, it seemed like most preparers were going to aim for 4/15 for as many people as possible, and that actually works pretty well (based on my experience with Oklahoma's June disaster date). But October, people are just going to forget they have a tax return.