2020 partnership filings: What tax basis capital change means for you

Phil Malnar, Nick Hollinden, Rochelle Hodes, Sarah Allen-Anthony, Rachel Spurlock

Beginning with filing their 2020 Form 1065, “U.S. Return of Partnership Income,” partnerships are required to report partners’ capital accounts using the tax basis, which means using the GAAP, Section 704(b) book, or “Other” methods no longer will be permitted. The IRS' increased focus on partnerships and the changing requirements for reporting means that K-1 producers and recipients need to prepare for the coming March 15 filing deadline. In this event, we examine the impact of these changes on the not-for-profit sector, private clients, large-partnerships, and others.

After attending this event, you should be able to:

  • Discuss IRS’s increased focus on partnerships
  • Describe the impact of changes to reporting requirements
  • Assess your current strategies as a K-1 producer or recipient and what changes might be needed to file 2020 partnership returns

This event will be a moderated panel discussion that will feature experienced professionals from Crowe with deep specialization in their specific areas of focus. Don’t miss your chance to hear what they have to say and to have your questions answered.

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