New Partnership Tax Forms May Cause Duplication of Work

Treasury’s efforts to streamline partnership tax reporting through new forms may still leave room for potentially duplicative reporting between partners and partnerships, according to a corporate executive.

Shiukay Hung, senior director at Tishman Speyer, a global real-estate management company, raised the issue in a webinar Wednesday on behalf of the Tax Executives Institute. Partners shouldn’t still have to ask partnerships for tax information in a specific format, outside of new prescribed forms the IRS will finalize for the 2021 tax year, he said.

• That could undermine the agency’s effort to standardize how partners report international tax information, Hung said ...