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
Some of these items predate Richey May’s restructuring to an alternative practice structure. Richey May is no longer a CPA firm. All Attest services are provided by Richey, May & Co., LLP.
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