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Partnerships that file Schedules K-1

2019 – 03/08 In new guidance, the IRS has provided penalty relief to certain partnerships that fail to report negative tax basis capital accounts. Notice 2019-20 provides a waiver of penalties under sections 6722 and 6698 to partnerships that file Schedules K-1 but 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 3/15/20. Read Notice 2019-20 here: https://bit.ly/2tVP63N

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