The proposed changes to the Form 1065, Schedule K-1 and associated instructions, if adopted, will likely add significant time and complexity to the partnership tax reporting process.īefore release of the 2018 Form 1065 instructions, partnerships had the option of reporting their partners' capital accounts under any one of several different methods ( e.g., tax basis, GAAP or IRC Section 704(b) book). However, the Draft Instructions raise other questions. The Draft Instructions address some of the questions raised by the October 2019 release of an amended draft Form 1065 and an amended draft Schedule K-1 (See Tax Alert 2019-1832). Return of Partnership Income, and Schedule K-1, Partner's Share of Income, Deductions, Credits, etc. On October 29, 2019, the IRS released draft instructions for 2019 Form 1065, U.S. IRS releases draft Form 1065 and Schedule K-1 instructions
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |