IRS Plans to Update Partnership Schedule K-1 Form in Fall 2023

The IRS will update the income reporting requirements for partnerships in the fall, an official said Friday.

The Schedule K-1 Form 1065 update will break out a portion of the Section 752 liability allocated by reason of the payment obligations that a partner may have from either a deficit restoration obligation or from a guarantee, said Adrienne Mikolashek, attorney in the IRS Office of Chief Counsel, at the American Bar Association May Tax Meeting in Washington.

“The idea here is to not only get better information reporting from the IRS’s perspective but also to do partners a service so that ...