IRS delays certain new partnership reporting requirements to 2020

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December 2019

Overview

The IRS on December 9 issued Notice 2019-66 (the Notice), which delays the reporting of partner capital accounts on the tax basis method by partnerships and certain other persons until tax years that begin on or after January 1, 2020.  For tax years that began in the 2019 calendar year, partnerships and other persons will report capital accounts consistent with the reporting requirements for 2018. The Notice also included some other limited guidance.

 

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Craig Gerson

Principal, M&A Tax, PwC US

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