• Original understanding was that these forms would only apply to flow-through entities with items of international tax relevance .
• IRS estimated it would affect less than 5 % of taxpayers . This was grossly understated .
• In reality , assume that all flow through entities will NEED to file these schedules for 2021 unless all of the following items are true :
No foreign partners No foreign source income No assets generating foreign source income No foreign taxed paid of accrued No partner that files Form 1116 / Form 1118 No partner requesting the information No foreign information was provided in 2020