Late on Tuesday February 15th the IRS announced that certain domestic partnerships and S corps qualify for special relief if they have no foreign activities, foreign partners, or shareholders. The IRS statement: “For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules,” the statement continued. “We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon.”
