Refund of 2018 and 2019 Kiddie Tax Available
Pending Check Payments and Payment Notices

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.



Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name is required. Email address will not be displayed with the comment.)