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 ...