You should expect to receive a Schedule K-3 this year with organized, detailed information on the items formerly covered in Schedule K-1 (1065), lines 16 and 20c, or Schedule K-1 (1120-S), lines 14 and 17d, and the accompanying statements. Schedule K-3 will provide details on:
The types of income and expenses incurred by the business and how much of each type is considered US or foreign
Details to complete the international informational filings, including details on
Foreign mutual funds and PFICs (Form 8621)
Ownership in foreign corporations (Form 5471)
Ownership in foreign partnerships (Form 8865)
Other transfers, distributions, foreign ownership, or foreign matters (GILTI, FDII, QBAI, etc.)
Other foreign items needed to accurately prepare your individual income tax returns and international informational filings
In theory, this is the same information that you received before in your prior years’ Schedule K-1 statements and footnotes. But now, instead of being buried, it will be provided in a standard, clear format that will make it easier to extract for use in your individual tax returns.