The Internal Revenue Service (IRS) announced December 9 that it would adopt NMHC and NAA’s request to delay the implementation of new partnership tax forms. The revised 2019 Form 1065 and Schedule K-1 would have required the reporting of additional information regarding tax capital accounts and Section 465 reporting regarding multiple activities. These new reporting requirements will be delayed until 2020.
As outlined in a letter NMHC and NAA submitted with other real estate organizations, the real estate industry is concerned that real estate firms “would not be able to accurately compile on a timely basis a significant amount of the information needed to complete the Draft Forms.”
For more information on this issue, please visit our advocacy page.