On Nov. 22, 2019, Nareit joined several other real estate organizations in requesting that the IRS and Treasury Department delay implementation of recently released draft Form 1065 and draft Schedule K-1 (Draft Partnership Forms) for 2019.
The letter supported the views set forth in a Nov. 11, 2019, letter signed on behalf of the “Big 4” accounting firms, that the proposed changes in the Draft Partnership Forms would “create significant costs and administrative burdens to partnerships and their partners” that “could be mitigated and the quality of information reported to the IRS could be improved if the new reporting requirements are delayed” until at least 2020 to allow for additional public comments and adequate time for taxpayers to develop systems for obtaining the necessary information. The Nareit letter indicated that the Draft Partnership Forms were not consistent with the principles underlying a recent Treasury Department policy statement that concluded that policy changes should be implemented through the use of regulations for which public input is requested.
(Contact: Dara Bernstein at dbernstein@nareit.com)