The Internal Revenue Service has revised Schedules K-1 for this year's filing season in an effort to reduce common errors and the burden associated with preparation and filing requirements.
Income, deductions and credits from partnerships, S corporations and trusts are reported to investors on Schedules K-1. The new partnership and S corp Schedules K-1 will be available for the 2004 tax year and the trust Schedule K-1 will be available for tax year 2005. Approximately 25 million Schedules K-1 are filed each year, with the highest number filed by partnerships.
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