IRS’s Partnership Foreign Income Forms Draw Ire of Preparers

New IRS foreign income reporting requirements for partnerships are fueling anger among tax practitioners, who say the agency is saddling them with far too much work to do and limiting their ability to do it.

Practitioners have a long list of complaints, from the vastly increased amount of detail the Internal Revenue Service is demanding to the fact that many partnerships will be forced to make the newly required disclosures even if they don’t have any foreign income—something the IRS made clear just a few weeks ago. The practitioners also note that the new disclosures can’t yet be filed electronically—that ...