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IRS Releases Proposed 2019 Forms 1065, 1120-S, and Schedules K-1

IRS The IRS has released proposed new forms Form 1065, U.S. Return of Partnership Income Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc 2019 Form 1120-S, U.S. Income Tax Return for an S Corporation Schedule K-1 , Shareholder’s Share of Income, Deductions, Credits, etc

Over the past decade and a half, tax filings by partnerships have seen an increase. For calendar year 2004, about 2.5 million partnerships filed Form 1065; by calendar year 2017, that number had risen to more than 4 million, an increase of 59 percent. The rise in filings by partnerships was considerably greater than the rise in filing by C-corporations and S-corporations, combined, which rose about 14 percent over the same time frame. This increase in filings reinforces the IRS’s need to improve the data available for its compliance selection processes. 

The draft 2019 Form 1065 and Schedule K-1, as well as the draft Form 1120-S and its Schedule K-1, are near-final forms. The drafts are intended to give tax practitioners a preview of the changes and software providers the information they need to update systems before the final version of the updated forms and schedules are released in December.

The IRS is now accepting comments for 30 days at IRS.gov/FormComments.