IRS Issues Guidance Delaying Certain Partnership Reporting Requirements for One Year

On Dec. 9, 2019, the IRS issued Notice 2019-66, which, among other things, delays by one year the proposed requirement to report on partnership tax return Form 1065 and Schedule K-1 certain partnership tax items, such as partner tax basis capital accounts and information about separate section 465 “at risk” activities.

This guidance positively addresses requests by the “Big 4” Accounting Firms, a Nov. 22, 2019 request by Nareit and several other real estate organizations plus other groups to delay implementation of recently released a draft Form 1065 and draft Schedule K-1 (Draft Partnership Forms) for 2019.

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