Partnerships Need to Disclose Significantly More Information to IRS Than in Years Past Beginning With 2019 Filings

On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019 Form 1065 (Schedule K-1) Partner’s Share of Income Deductions, Credits, etc., draft 2019 Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, and draft 2019 Form 8865 (Schedule K-1) Partner's Share of Income, Deductions, Credits, etc.
 
Click on the form names below to view the documents on the IRS website: 

If the 2019 partnership forms remain unchanged after the comment period has lapsed, numerous new disclosures will be required at both the partnership and partner level. Coupled with the new Centralized Partnership Audit Regime that went into effect for tax years beginning after 2017, these new disclosures will be particularly difficult for partnerships that have not previously focused on detailed tracking of this information.

As reflected in the draft forms, the new required disclosures include:

For more information about our tax services, please contact Ashley Dunn, CPA at 703.652.1124 or please feel free to leave us a message below.

Copyright © 2019 BDO USA, LLP. All rights reserved. www.bdo.com

Blog Category: 

Material discussed in this article is meant to provide general information and should not be acted on without professional advice tailored to your firm’s individual needs.



Questions? Contact RyanSharkey using the form below.

Fill out my online form.