Tax Warrior Chronicles

New Partnership Tax Capital Reporting May Prove Problematic

Posted on Mon, Nov 23, 2020

By: Chris Catarino, CPA, MT and Joseph Criscuolo, CPA, MT

 

On October 22, 2020, the IRS released draft instructions to Form 1065, U.S. Return of Partnership Income, for the 2020 tax year. The draft instructions provide additional clarity on the new tax capital reporting requirements partnerships will face this upcoming filing season. Partnerships that have not previously tracked partners' tax capital accounts, especially older partnerships, will face significant challenges complying with these new rules.

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Significant Change in Reporting for Partnerships Ahead

Posted on Mon, Dec 02, 2019

By: Jonathan S. Kandel, CPA

 

Just when you thought all was calm, the IRS shook up the partnership tax world. The recently released IRS proposed 2019 instructions for Form 1065 highlight changes. Here is one proposed change we don’t think will go away:

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