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Penalty Relief for Missing Negative Tax Basis Capital Account Information

Notice 2019-20 provides a waiver of penalties under IRC Sections 6722 and 6698 to certain partnerships that file Schedules K-1 that fail to report information about partners’ negative tax basis capital accounts for the partnerships’ 2018 tax year. The relief is conditioned on the partnerships providing the missing information in a separate schedule by March 15, 2020.

https://www.irs.gov/pub/irs-drop/n-19-20.pdf

 

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