PwC co-submits comment letter on draft partnership tax forms for 2019

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November 2019


The IRS has released draft partnership tax forms for the 2019 tax year which, if finalized, will include modifications to Form 1065 and Schedule K-1 (the Forms). The Forms reflect tax law changes made by the 2017 tax reform legislation and new areas of IRS focus, including tax capital, detailed reporting of a partner’s share of unrecognized built-in-gains or losses, and information about partners that are disregarded for federal tax purposes. PwC and three other firms recently submitted a joint comment letter requesting a delay in implementing the changes to the Forms until tax year 2020 at the earliest.

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Craig Gerson

Principal, M&A Tax, PwC US

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