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TXCPA Committee Comments on Tax Capital Reporting

TXCPA’s Federal Tax Policy Committee issued a comments letter on IRS Notice 2020-43 on proposed requirements for partnerships to use only one of two alternative methods to satisfy tax capital account reporting on Form 1065. The committee’s primary view continues to be that individual partners should ultimately be responsible for tracking their own basis using amounts reported on Schedules K-1. This is not a responsibility that should be placed on partnerships as Notice 2020-43 seeks to do.

https://www.tscpa.org/docs/default-source/comment-letters/federal-tax-policy/2020/tax-capital-reporting-july-2020.pdf?sfvrsn=12d4dcb1_2

https://www.irs.gov/pub/irs-drop/n-20-43.pdf

 

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