IRS Delays Tax Basis Reporting of Capital Accounts to 2020

In a Notice, the IRS has delayed partnerships' reporting of tax basis capital accounts until 2020. Partnerships will not be required to report partners’ shares of partnership capital on the tax basis method for tax years beginning in calendar year 2019 but will be required to use that method beginning in 2020 for partnership tax years beginning on or after January 1, 2020. (Notice 2019-66, 2019-52 IRB)