IRS Form: Draft Form 1065 Instructions (IRC §6031)

Draft instructions to Form 1065, U.S. Return of Partnership Income, released December 13 that reflects changes made by the 2017 tax act, Pub. L. No. 115-97. The draft instructions note the elimination of technical terminations of partnerships after 2017, the deduction for pass-through income, and the expanded eligibility for small businesses to use the cash method of accounting. The instructions also highlight changes to Schedule B questions due to the repeal of TEFRA and replacement with the centralized audit regime under the Bipartisan Budget Act of 2015. [Draft IRS Form 1065 Instructions (2018)]

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