Capital accounts are reported on Item L of Schedule K-1 (Form 1065) and Item F of Schedule K-1 (8865 relating to foreign partnerships). In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account… Continue reading New Requirements for Partnerships Capital Reporting As Shared by ASCPA Magazine REDW Financial Advisors & CPAs
