Artificial Intelligence is Revolutionizing Schedule K-1 (Form 1065)
ThomsonReuters
JUNE 14, 2021
Each year, more than 40 million Schedule K-1 (Form 1065) are sent to US taxpayers, reporting income and other financial information stemming from their participation in partnerships, S corporations, and trusts. Unlike W-2 forms and other IRS-mandated documentation, however, K-1s needn’t be produced in a standard format, so they come in a variety of formats and may include unstructured data, free-form text, footnotes, statements, and disclosures.
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