US: IRS releases draft instructions Schedules K-2 and K-3 for international tax reporting

On 30 June 2021, the Treasury and the IRS released early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview