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News & Press: Federal Tax News

Reissued Notice 2019-20: Penalty Relief for Missing Negative Tax Basis Capital Account Information

Thursday, March 14, 2019   (0 Comments)
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CLICK HERE for Notice 2019-20, which is being reissued to include penalty relief under section 6038 and other penalty provisions.

This Notice provides a waiver of penalties under sections 6722, 6698, 6038 and other penalty provisions to certain persons and partnerships that file Schedules K-1 or other forms or statements that fail to report information about partners’ negative tax basis capital accounts for the 2018 tax year. The relief is conditioned on taxpayers providing the missing information in a separate schedule within a year of the original due date of the Schedule K-1 or other form or statement.

The file is blocked in yellow where changes were made.

It will appear in IRB 2019-14 dated April 1, 2019.

Thank you,

Brian Wozniak

IRS Stakeholder Liaison

C&L: SL: Area 6

Brian.Wozniak@irs.gov


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