From time to time we like to check on our tax peeps to see how they’re holding up during busy season.
Well … there’s the new schedules K-2/K-3 requirements for pass-through entities (see Michael Rapaport’s article for Bloomberg Tax on the new IRS foreign income reporting requirements for partnerships), which is driving tax pros completely out of their minds:
This K2/K3 nonsense has me seriously thinking about switching careers. #TaxTwitter
— Nicole Davis (@wifemomcpa100) February 10, 2022
This is horseshit. The pile of returns sitting on my desk on February 8th because I am/or was waiting for K2/K3 guidance, Rev. Proc. 2021-48 stmt., forms to be finalized. pic.twitter.com/y5ianLlPXi
— StevenFCPA (@stevenfcpa) February 8, 2022
The whole K2/K3 fiasco is a going to make a lot of competent and dedicated tax preparers quit, but the ones who break the rules and don't know what they're doing/missing will continue unabated.
— Matt Foreman (@ForemanTaxLaw) February 7, 2022
The k2/k3 "crisis" is sad. I truly think the IRS will revise their guidance because there is no reason for a PTE to have any effect on a form 1116 filed on a 1040. On top of that few PTE returns will be preoared with a k2/k3 this year no matter what the IRS does.#taxtwitter
— Mike Sylvester, CPA (@MikeSyl36625988) February 7, 2022
Do you know what made me cry just now?
Thinking about me figuring out how to do K2/K3 reporting.#DonutTwitter
— Jeff Breeden (@CPAJeff) February 4, 2022
The answer is SIMPLE for this K2/K3 issue. This filing requirement has to be delayed at least a year.
The IRS isn’t even ready to handle this. Can’t file forms until AFTER the due date?
— Kyle Rehnstrom (@KyleRehnstrom) February 4, 2022
And here are some we’ll file under “Miscellaneous”:
I love the smell of tax season – it’s despair mixed with the burning smell from an overused scanner
— Andrea Carr CPA (@andreacpa0) February 10, 2022
— Matthew J. Cordes, EA (@cordes_tax) February 10, 2022
"Can I just email you my tax forms?"
— JarynT (@TrinkiesM) February 10, 2022
In almost every case..
I will 100% be willing to discuss lowering my fee..
If you will only..
STOP RUNNING EVERY TRANSACTION IMAGINABLE THROUGH PAYPAL!! 🤬🤬#TaxTwitter
— Garrett Alexander, CPA (@YourLocalTaxGuy) February 9, 2022