IRS confirms Form 990 Schedule K-1 reporting of joint ventures and partnership investments optional for 2011 tax year

Exempt Organizations Tax Services Update

The Internal Revenue Service has issued guidance confirming that the new Form 990 requirement for Schedule K-1 reporting of information on joint ventures and other partnerships will be optional for 2011 filers.

Announcement 2012-19 explains that the IRS decided to make the reporting requirement optional for the 2011 tax year so that it may continue to consider the comments it received and determine how best to promote compliance and transparency while minimizing the burdens associated with the reporting of partnership interests.

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