Notice 2019-66, partners and partnership capital reporting
Internal Revenue Service (IRS) sent this bulletin at 12/09/2019 03:11 PM EST
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Issue Number: n-2019-66Inside This IssueNotice 2019-66 provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective beginning in 2020 (for partnership taxable years that begin on or after January 1, 2020). For 2019, partnerships and other persons must report partner capital accounts consistent with the reporting requirements in the 2018 forms and instructions, including the requirement to report negative tax basis capital accounts on a partner-by-partner basis. This Notice also clarifies the 2019 requirement for partnerships and other persons to report a partner’s share of net unrecognized Section 704(c) gain or loss by defining this term for purposes of the reporting requirement. Additionally, this Notice exempts publicly traded partnerships from the requirement to report their partners’ shares of net unrecognized Section 704(c) gain or loss until further notice. This Notice also provides that the requirement added by the draft instructions for 2019 for partnerships to report to partners information about separate Section 465 at-risk activities will not be effective until 2020. Finally, this Notice provides relief from certain penalties.
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