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Speaker Says New K-1 Requirements Delayed, But Best to Prepare Anyway

Untitled design - 2019-12-10T150428.474 The IRS released draft revised Form 1065 and Schedule K-1 Notice 2019-66 IRS this year ruled against that position
Thee also said that the new form has simplified reporting ordinary income in the event that a partner transfers their interest to another partner. Previously if someone wanted to report this type of income, that person needed a footnote disclosure. Now there's just a new code to report it. 
Barbara v. Commissioner Hairson v. Commissioner