Daily Tax Report ®

IRS Form: Draft Instructions to Partnership Return Schedule K-1 (IRC §6031)

Oct. 31, 2019, 1:18 PM

Draft instructions to Form 1065, U.S. Return of Partnership Income, Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., released October 30. Changes to Schedule K-1 include changes regarding partner Social Security Numbers or taxpayer identification numbers, a new checkbox to indicate a decrease in the partner’s ownership percentages of profit, loss, or capital due to a sale or exchange, as well as a change to the reporting of global intangible low-taxes income. [Draft IRS Form 1065 Instructions for Schedule K-1 (2019)]

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