![]() These reportings should be in box 20 on the Schedule K-1 and coded AH. This is in addition to the required reporting in Item L of Schedule K-1."įor tax year 2018, any partnerships where GAAP, 704(b) or Other is checked in Item L of the Schedule K-1, or any partnership return where tax capital basis is checked (but the tax capital basis was not properly calculated), practitioners are required to report on a partner’s Schedule K-1 for any partner who has negative tax capital basis at the beginning or end of the year. "If a partnership reports other than tax basis capital accounts to its partners on Schedule K-1 in Item L (that is, GAAP, 704(b) book, or other), and tax basis capital, if reported on any partner's Schedule K-1 at the beginning or end of the tax year would be negative, the partnership must report on line 20 of Schedule K-1, using code AH, such partner's beginning and ending shares of tax basis capital. ![]() Specifically, the instructions to Form 1065 added the following requirements: Return of Partnership Income, that went unnoticed by most practitioners. For tax year 2018 filings, the Internal Revenue Service made a drastic change to the Form 1065, U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |