The revised instructions indicate that partnerships filing Form 1065 for tax year 2020 are to calculate partner capital accounts using the transactional approach for the tax basis method. The news release indicates that the IRS has decided to require partnerships to use the transactional approach in computing partners’ capital on the tax basis, and require tax basis capital reporting on the 2020 Schedules K-1, Form 1065. The IRS issued a news release on the matter at the same time. The IRS has released a draft of the Form 1065 instructions for 2020 returns that contains the IRS’s proposed requirement for reporting partners’ capital on the K-1 on the tax basis.
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