Tax Basis Reporting Changes for 2020 Schedule K-1
Whitepapers by: Richey May, Oct 21, 2020
All Partnership K-1s required to be reported on Tax Basis starting in Tax Year 2020
Tax supervisor, Alex Navran, has prepared a whitepaper reviewing the released Internal Revenue Service (IRS) Notice 2019-66 ahead of the 2019 tax year mandating that all Form 1065 Schedule K-1 partner capital accounts in Part L be reported on the Tax Basis method for partnerships with tax years beginning January 1, 2020.
If you have any comments or questions regarding the K1 update, contact Stephen Vlasak